Brightside hires former Chubb executive to lead M&A push

Brightside has hired former Chubb business development manager Ian McFadyean as acquisitions manager as it looks to acquire portfolios of business and smaller brokers.

The broking group is pursuing mergers and acquisitions as part of its strategy, alongside organic growth. The company is also in the process of setting up a car and van MGA called Kitsune.

Brightside volume lines managing director Russell Bence told Insurance Times: “Ian is a results-focused, personable guy with a strong background in insurance and good market knowledge.

“He is well-networked with a track record of building strong relationships. The executive team here at Brightside, including chief executive Mark Cliff, have considerable acquisition experience so Ian will be the pivot around which our acquisition strategy will play out.”

Bence said McFadyean’s main focus will be small to medium broker acquisitions, but he will also look at acquiring portfolios of personal and commercial lines business.

In addition, he will explore opportunities to expand Brightside’s presence in the lead transfer business, under which Brightside picks up business that doesn’t fit companies’ risk appetites.

Brightside signed a new lead transfer deal with RSA direct brand More Than in September.

Brightside, which has had a tough three years, is now in recovery mode. It reported EBITDA growth in the first half of 2017 after a sharp drop in the full 2016 year.

Bence said: “We have spent the last couple of years improving all areas of the business and processes, as part of our five-year transformation programme.

“We have strengthened our insurer panels and schemes, improving all key performance indicators, and we are now in a strong position to grow the business both organically – where we have seen growth this first half year - and by acquisition.”