New managing director says brokers must deliver
The new managing director of Primary Broker Services (PBS) has indicated that under-performing agencies could be cut as a part of a wide-ranging strategic review.
Richard Pitt, who has taken over from Jonathan Davey at the helm of PBS, said he would be reviewing the strategy and distribution structure of the underwriting agency.
"PBS has a significant appetite for growth. We need to do an agency review to ensure we deliver the right things and are getting back what we expect them to deliver," said Pitt, who was previously an area manager for AXA.
Jonathan Davey, who will assume the role of PBS chairman in order to focus on his role as chief executive of PBS Holdings added: "The business does not require a fundamental reorganisation, but it does require strategic thinking. All areas need reviewing."
He said: "We have a loyal agency base and we would seek to continue that as far as possible."
PBS currently has an income of £50m gross written premium, which the company is expecting to increase by at least 30% year-on-year. It has approximately 285 agencies.
Pitt said: "Exclusivity, quality of service and open access to underwriters remain crucial factors to our success."
He said a series of new products would be launched, which would fit within the "core commercial requirements" of brokers.
He added that he would be meeting PBS brokers in the coming weeks "to find out what they want".
