Gregory eyes return to general insurance market

No comments

Ex-HSBC Insurance Brokers chief is in talks with a 'number of firms'

Former HSBC Insurance Brokers chief executive Philip Gregory is eyeing a return to the general insurance market on the board of a broker or insurer.

Gregory said he would also "seriously consider" joining the board of a consolidator in a non-executive capacity.

Gregory, interviewed in this week's issue of Insurance Times, retired after leaving HSBC Insurance Brokers in July 2010. The company was sold to Marsh for £135m earlier in the year.

He has held talks with a number of firms in the GI, life insurance and banking sectors and is considering up to four non-executive roles

In January, he was named non-executive chairman of healthcare specialist Medicals Direct.

“I’ve had some talks with larger insurers and composites about moving on to their boards,” said Gregory. “I would like to build a diverse portfolio. I’m looking for companies where you can make a contribution.”

He added: “I’ve talked to some brokers and some insurers. I think its all about what you can contribute and the personal chemistry between the other people.”

Gregory said consolidators would have benefited from stronger non-executives on their boards during their busiest acquisition periods.

Acquisitive UK brokers have been rocked by former owners and staff walking away after their restrictive covenants expire to launch breakout firms.

“I think that’s something where having the right non-executive on board could have identified that problem.

"With the benefit of hindsight, I think the consolidators would have been more careful, would have put more controls on, would have chosen their businesses better. Sometimes you need people to stand up and say ‘why are you going there?’”

A number of consolidators, including Giles and Towergate, are preparing their boards for flotations in the next three years. Oval has also considered a listing.

“They have got to go for a flotation,” said Gregory. “Because many of them, when you look at their portfolios, I would question whether there was another trade buyer for them.”