Broking group chooses new name following MBO from IAG
Brokers Barnett & Barnett and NBJ have rebranded as ICB Group following their management buy-out (MBO) from Australian insurer IAG.
The two brokers will trade under the new name from 1 May, and will retain their trading operations in Isleworth and Bromley.
NBJ London Markets will continue to trade as a separate business in the City of London.
The two brokers made up the broking arm of IAG UK. The UK unit was broken up following IAG’s decision to exit the UK market.
Lloyd’s insurer Equity Red Star, which made up the bulk of IAG UK, was sold to private equity house Aquiline Capital Partners, while Barnett & Barnett and NBJ were sold to their management team, led by chief executive Neil Campling.
Campling said: “We were very happy being part of IAG, but when they decided to exit the UK, we were delighted to have the opportunity to buy the businesses back.
“The shareholding of the company will be much wider, giving a number of key directors a stake in its future success, and also ensuring there is succession in place for the new company to remain an independent broking force for many years ahead.
“ICB Group will be chartered and build on the high standards of professionalism and service that has always been a hallmark of Barnett & Barnett and NBJ’s success.”
In addition to Campling, ICB Group’s senior management team includes corporate clients director Kevin Charman, sales and marketing director Craig Kitchen, and private clients director Neal Fox.
Also on the team are Mark Treasure, Leigh Fitzgerald, Ian Livingstone, Richard Bevins and Jason Laslett.
ICB Group handles premiums in excess of £60m and has income approaching £10m. It employs 115 people.
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