Heath Lambert has lost two teams of reinsurance and professional indemnity (PI) brokers to rival Lloyd's broker Alexander Forbes.
A Heath Lambert spokesman confirmed this week that six reinsurance ...
Heath Lambert has lost two teams of reinsurance and professional indemnity (PI) brokers to rival Lloyd's broker Alexander Forbes.
A Heath Lambert spokesman confirmed this week that six reinsurance brokers had "handed in their resignations".
An Alexander Forbes spokesman said that a team of reinsurance brokers will be joining from Heath Lambert on an, as yet, unconfirmed date.
A spokeswoman for Alexander Forbes Professions added that a team of at least another six PI brokers is also joining from Heath Lambert. But Heath Lambert said that only three PI brokers had left the company.
The departure of the two teams coincided with the announcement that Heath Lambert has sold a £12.5m portfolio of aviation insurance business to Jardine Lloyd Thompson (JLT). Under the terms of the acquisition, the Heath Lambert aerospace managing director Nigel Weyman will join JLT Risk Solutions along with a 60-strong team.
The annual revenue of the portfolio is estimated at around £12.5m. JLT will pay Heath Lambert £9.4m cash in three equal instalments over the next six months to acquire the business.
A Heath Lambert spokeswoman said: "It's a good deal for Heath Lambert because the portfolio's earnings were a fraction of the revenue."
JLT chief executive Steve McGill said: "This transaction provides JLT with the opportunity to substantially build on its existing aviation business."
