Oval chief executive Peter Blanc says small brokers are the ‘very best’ of the industry
Oval chief executive Peter Blanc believes that small brokers represent the ‘very best’ of UK insurance broking and he’s keen to make acquisitions.
In his first major interview since becoming Oval boss, Blanc said: “We want to acquire the goodwill of a lot of these smaller brokers. What [Towergate founder] Peter Cullum spotted many years ago, was the demographic problem of UK insurance broking, and nothing’s changed.
“There are still a huge number of brokers in the UK, everyone is getting older. The exit opportunities are there for the mid-range and decent-sized brokers. They will always find a home. But no-one seems to go up with a decent plan for the small end of the market.”
Blanc headed up Essex-based broker FMW before selling the business to Oval in 2007. Blanc was promoted through the ranks of Oval before finally landing the chief executive role earlier this year.
He said: “Small insurance brokers are a stubborn, hardy lot. They know their game and client service and they represent the very best of what the industry does, but financially it does not work for the underwriters to look after these guys. So they’re going to have to find a home over the course of the next few years and we need to be alive as to whether we can provide a home for them.”
Read more of Peter Blanc’s interview with Insurance Times on www.insurancetimes.co.uk tomorrow (Tuesday).
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