Broker briefing: can Antur double its size in five years?

Name of broker: Antur Insurance Services

Office locations and number of staff: seven offices in Wales, about 70 staff

GWP controlled: £14m

Major clients: contractors in Welsh petrochemical gas industry, SME customers

Senior management: chairman John Knox

Antur was set up 10 years ago, when Welsh brokers Richard Keen Insurance Brokers, Andrew James Knox, Hedley Davies and Co, and Davies Craddock joined forces to make acquisitions in a competitive Welsh market. The move also created an exit strategy for senior management in the four brokers.

Chairman John Knox says Antur means ‘venture’ in Welsh. Although the company started as an acquisition vehicle, it grew so large that two of the original partners – Andrew James Knox and Hedley Davies – merged into it. Davies Craddock still exists independently and Richard Keen left the group four years after Antur was formed.

The Antur management team includes finance director Sian Lynch, operations director Gary Stevens, and founders Nigel Davies and Davies Craddock, who are still involved as strategic directors. Meanwhile, Lee Samuel is group manager for east Wales and Sarah Kent for west Wales.

Antur’s key insurer partners are Aviva, NIG, Allianz and Zurich.

Knox wants Antur to double in size over the next five years. Macquarie bank has given the broker third-party capital to expand, which Knox says is “in the millions”. The money will be used for bigger offices and to fund acquisitions.

Knox sees the perfect acquisition as a broker 25% to 30% the size of Antur, run by someone in their 40s and with good office staff, which would help it fill its gaps in management.

“Our biggest single problem is that the senior management pool in south-west Wales is sparse,” Knox says. “Recruiting a managing director or chief executive is quite difficult.”

Another problem for Antur this year has been the speed of its growth. “We’ve had to take 18 months out to put the brakes on,” Knox says.

The broker has gained from strong community links in south-west Wales, and Knox says the broker supports local charities and sports teams.

Antur recently recruited Welsh rugby star Paul Thorburn, whom Knox has known for 30 years, as external business development consultant focusing on the mid-sized commercial corporate market.

Knox sees the Welsh insurance market as a challenge, with premium rates lower than the rest of the UK and well-established small brokers with strong client ties. “Loyalty counts for a lot,” Knox says. “Not a lot of business moves around in this market.”