By Ataraxia Insurance Broker Podcast
The podcast currently has 10 episodes available.
OVERVIEW
Does succession mean retirement to you? Do you have good local connections with other brokers or are they your competition? Is collaboration and joining forces in the face of the larger consolidators something that could help you?
Join Helen O’Neill and Adam Thompson of Thompson Insurance Brokers discussing these important aspects of life as broker going forward.
KEY TAKEAWAYS: 3-4
BEST MOMENTS:
“The bigger players are just buying the book, and we're looking to buy the clients and the business, you know, we wouldn't be looking to just distribute its assets. Customer service is our number one priority and it would be wanting to build for the right future as opposed to a sell further down the line. Thompson Insurance would be that you put your business in a home as opposed to, you know, somewhere, it's just gonna stay for a bit and then potentially move again.”
RESOURCES:
Home - Thompson Insurance Brokers
ABOUT THE HOST
Helen is the Commercial Manager of Ataraxia, a unique succession support business for UK General Insurance Brokers. Coming from a Finance and broking background, Helen works exclusively in the independent broker space. Her commercial broking experience is key to supporting the business, which has achieved over 40 brokerage succession plans during the last 10 years. Observing that “one size doesn’t generally fit all” Helen applies “bespoke” planning to the succession dilemma. Helping brokers to identify ambition, gently release capital and construct a robust business plan to protect all the vital elements of a brokerage.
Website: https://www.ataraxia.co.uk/get-in-touch/.
ABOUT THE GUEST
Adam join the family business in 2011 bringing with him a wealth of sales experience. Adam’s main role is orchestrating new business for the company where he relishes forming new relationships with clients.
2019 was a massive year for Adam, he was lucky enough to represent England Over 35’s Hockey Team at the European Championships in Rotterdam and the Home Nations in Glasgow, winning Gold at both.
Website: Home - Thompson Insurance Brokers
Have you ever considered merging your brokerage? Have you thought about the implications, the resources and how this could work in practice? In this episode we have a fascinating conversation with Peter Stevenson who has recently joined the Ataraxia family. Peter’s business merged with a nearby broker as the deal went through and he talks about how that worked, the crucial importance of culture, and the benefits of high-level interaction with insurers.
KEY TAKEAWAYS:
BEST MOMENTS:
“The bottom line is I'm not trying to force anybody to do anything they don't want to do. It is very important that the team buy into this, and understand that things like growth, aspirations, and succession planning, are very, very important. Ataraxia’s involvement is helping measurably with those things.”
RESOURCES:
https://www.insuranceage.co.uk/broker/7536856/ataraxia-backs-merger-of-alan-stevenson-partnership-and-seacombe-insurance-brokers
ABOUT THE HOST
Helen is the Commercial Manager of Ataraxia, a unique succession support business for UK General Insurance Brokers. Coming from a Finance and broking background, Helen works exclusively in the independent broker space. Her commercial broking experience is key to supporting the business, which has achieved over 40 brokerage succession plans during the last 10 years. Observing that “one size doesn’t generally fit all” Helen applies “bespoke” planning to the succession dilemma. Helping brokers to identify ambition, gently release capital and construct a robust business plan to protect all the vital elements of a brokerage.
Website: https://www.ataraxia.co.uk/get-in-touch/.
ABOUT THE GUEST
Insurance life started with an informal training programme with the Minster Insurance Group in Manchester from 1977 to 1979.
I was employed by Minster on a two-year training programme where I experienced steep learning curve, spells in various departments and finishing with the Fire & Accident department. A deep dive into the perspective of how an insurer assesses, manages and prices risk.
Moving swiftly through 40 years of Insurance Broking and gradual career progression and gradually increasing ownership in the Alan Stevenson Partnership Ltd, I find myself at the head of a very experienced newly merged team and at a stage of reinforcement and succession planning once again.
Positioning the business in 2020 and beyond as a centre of extremely valuable insurance advice and service to help people and businesses face challenging and changing business landscapes is something I feel passionate about.
Reinforcing our ranks with skilled like-minded people and making best use of modern technologies is an enormously exciting new stage of my career.
OVERVIEW
In this episode Ataraxia’s Helen O’Neill talks to Neal Lowe, the MD of Needham Insurance Services in Nuneaton. This interview comes somewhat “hot of the press” of Neal’s recent press activity, links to which are attached. This specifically relates to the launch of Needham’s new liquidation service, developed following their takeover of the Inspire book of business in late 2020, after Inspire went out of business. We explore this in some detail, along with some background on Neal and the business, and of course, Neal’s plans for future growth.
KEY TAKEAWAYS:
BEST MOMENTS:
““Ataraxia are someone to partner with who knows how to scale up the business”
““brokers have spent 20+ years building their client relationships. They don’t want that to deteriorate. We can use the owner’s expertise and knowledge of the clients, and introduce a phased retirement”
“they then know that their clients are going to be looked after as well as they looked after them”
“that gives them peace of mind, and of course a better pay-out too, compared to a consolidator where there is no client relationship”
RESOURCES:
Press: https://www.insuranceage.co.uk/insurer/7541391/needham-develops-administration-and-integration-service
https://www.insurancebusinessmag.com/uk/news/breaking-news/how-broking-md-rejuvenated-a-liquidated-firm-252867.aspx
ABOUT THE HOST
Helen is the Commercial Manager of Ataraxia, a unique succession support business for UK General Insurance Brokers. Coming from a Finance and broking background, Helen works exclusively in the independent broker space. Her commercial broking experience is key to supporting the business, which has achieved over 40 brokerage succession plans during the last 10 years. Observing that “one size doesn’t generally fit all” Helen applies “bespoke” planning to the succession dilemma. Helping brokers to identify ambition, gently release capital and construct a robust business plan to protect all the vital elements of a brokerage.
Website: https://www.ataraxia.co.uk/get-in-touch/.
ABOUT THE GUEST
Neal always knew that he wanted to own his own brokerage, and whilst working at Needham, he was given the opportunity to buy into this fledgling successful business.
Over the years, the business has undergone a few changes under Neal’s leadership, and has now taken on more of a commercial bias.
His ethics revolve around strong customer service values, and looking after his loyal team. Neal has plans for growth for Needham and his team, and the future looks exciting.
On a personal level, Neal has recently taken up the challenge of marathon running, and has notched up a race history to be proud of, in a short period of time!
Website: https://www.needhaminsurance.co.uk/
LinkedIn: https://www.linkedin.com/in/neal-lowe-88b2b125/
OVERVIEW
In this episode, Luke Clarke (Managing Director) and Adam Boakes (Broker Relationship Director) of Ataraxia, talk to Sarah Myerscough of Boston Tullis, a digital marketing media. They share their thoughts of the market changes brought about by the working from home culture necessitated by the current global pandemic. They also explain where the Ataraxia product offering fits into the current landscape of M&A activity.
KEY TAKEAWAYS:
Ataraxia’s USP over Network offerings
Ataraxia’s USP over Consolidators
How Ataraxia are helping their brokers grow
BEST MOMENTS:
“Ataraxia has expanded its panel of insurers to provide really broad cover now – at least 9 new markets in the last few years, with strong rated insurers and good capacity. We provide good accessibility to schemes and niche business too”
“We are the only buying group that strategically places insurance as a group, giving growth to insurers. We have had the same panel of insurers (with some minor tweaks) since the outset, as it works.”
“Ataraxia is different from consolidators, who would typically buy each insurance broker in a similar. We turn it on its head, and ask each broker what they want to achieve, and tailor make a plan to that ambition. We fit the niche where selling doesn’t necessarily suit all parties, and we will buy the exact shareholding needed to make a plan work”.
RESOURCES:
www.ataraxia.co.uk
https://bostontullis.co.uk
https://www.linkedin.com/in/luke-clarke-dip-cii-87277529/
https://www.linkedin.com/in/adam-boakes-23091027/
https://www.linkedin.com/in/sarahmyerscough/
ABOUT THE HOSTS
Luke’s career has always been within the broking sector, having experience from claims through to client facing executive. This industry expertise means that Luke is well placed in the MD role to understand all facets of our business, and the insurance market landscape. Luke’s skillset also includes negotiation and relationship building, which assist in the aspect of his role that involve liaising with broker and insurer partners.
Adam’s career has spanned both broking and underwriting, so, safe to say, he has witnessed the challenges from both sides of the insurance fence! Adam is a “people person” and strives to ensure that everyone sees value from the investment. Adam’s day to day responsibilities within Ataraxia include new investment opportunities along-side heavy involvement in ensuring that the current group brokers’ ambitions are fully supported.
Website: https://www.ataraxia.co.uk/get-in-touch/.
ABOUT THE GUESTS
Sarah is the Sales and Marketing Director for Boston Tullis. A firm that specialises in thought-leadership marketing for insurance brokers. Sarah is the Creator of The Insurance Broker Podcast and has nearly 10 years specialising in marketing, business development and strategic development.
OVERVIEW
Helen O’Neill of Ataraxia talked to Neil Kerkhove about his journey with Warwick Davis Insurance Brokers – from his start as the humble filing clerk, all the way to MD and majority shareholder. Neil talks about the strong family values of the business, and how important it is to keep those values through strong succession planning, and the steps he already has in play to ensure that the future planning is on track.
KEY TAKEAWAYS:
Passing down the business from Warwick to Neil in the way they wanted didn’t seem possible, until Ataraxia assisted with a plan.
Starting the process as early as possible is the best advice that Neil can give, and has already put this into play with his son, Liam, as part of the future planning for Warwick Davis insurance brokers
How shoring up their internal infrastructure, and using the Ataraxia buying power and relationships, has ensured that the business is perfectly poised for acquisitions.
BEST MOMENTS:
“We have quality long term staff, that has always been key, and all our staff are like family”
“There wasn’t pressure to move business, it just happened naturally. It’s always good to see new products and markets coming on board, and to have the support of these options.”
“Our lack of succession plan was a ticking time bomb. By the time we discussed it, it was already a bit too late, as Warwick wanted to retire. Ataraxia enabled us to come up with a plan, and helped us execute it”.
“Partnering with Ataraxia is the best thing I did. You are more than just an investor, you have proven yourselves to be a trusted business partner
RESOURCES:
https://www.linkedin.com/in/neil-kerkhove-36b35921/
https://www.linkedin.com/company/warwick-davis-insurance-consultants-ltd/about/
https://www.warwick-davis.co.uk/
ABOUT THE HOST
Helen is the Commercial Manager of Ataraxia, a unique succession support business for UK General Insurance Brokers. Coming from a Finance and broking background, Helen works exclusively in the independent broker space. Her commercial broking experience is key to supporting the business, which has achieved over 40 brokerage succession plans during the last 10 years. Observing that “one size doesn’t generally fit all” Helen applies “bespoke” planning to the succession dilemma. Helping brokers to identify ambition, gently release capital and construct a robust business plan to protect all the vital elements of a brokerage.
Website: https://www.ataraxia.co.uk/get-in-touch/.
ABOUT THE GUEST
Neil Kerkhove, MD of Warwick Davis Insurance brokers, started at the brokerage at the age of 18, with no previous broking experience – filing and numerous cups of tea being his key areas of responsibility!
The founder proprietor, Warwick Davis, recognised the potential in Neil, and took him under his wing for development.
Over this time, the business transformed from being mainly personal lines, to now a fully fledged commercial insurance brokerage, priding itself on strong family values and client relationships.
Neil has amassed qualifications and experience over the years, and Warwick passed over the reins of the business to him in 2018. Since then, Neil has been making his own stamp on the business, and has exciting growth plans.
OVERVIEW
In this episode Jon Stone from Ataraxia is joined by Wes Haynes from Glowsure. Wes highlights the features and benefits of using the property valuation service by RebuildCostASSESSMENT.com
KEY TAKEAWAYS:
Raises the awareness of underinsurance in the industry and the pro-active way Glowsure try to address this subject with their clients.
Highlights the simple and cost-effective measures offered by RebuildCostASSESSMENT.com
Glowsure demonstrate they add value to their clients by using this RICS approved facility.
Glowsure pride themselves on a service driven proposition, and by making sure the policyholder selects the correct sum insured for their buildings, this will ensure no deductions are made if in the event of a claim.
BEST MOMENTS:
“We found 8 out of 10 sums insured were underinsured”.
“It’s (the commission earnt from increasing the buildings sum insured) added 3% to our bottom line”.
RESOURCES:
https://www.rebuildcostassessment.com/
https://glowsure.co.uk/
ABOUT THE HOST
With over 30 years’ experience from both an underwriting and broking perspective, Jon is well served to act as the link between group brokers and our partner insurers ensuring risks are bound in accordance with our placement strategy. Effective communication and negotiation skills are an absolute must to manage and monitor group performance.
Jon is happily married to Lisa with twin boys aged 13. When not watching his eldest play cricket or listening to his other Son hosting a local radio station, He coaches a junior football team and can’t wait to visit The Alps once again to enjoy walking & cycling in the Summer and trying to ski in Winter.
Website: https://www.ataraxia.co.uk/who-we-are/
ABOUT THE GUEST
Wes is a director of Glowsure Insurance Brokers in Hampshire. He has had extensive experience in the insurance broking industry with Keelan Westall & Deacon Insurance before setting up his own broking business.
OVERVIEW
In this episode, Ataraxia’s Helen is joined by John Jesson, former owner of RIB Group Ltd who sold in 2020 to a like-minded local broker. John talks to us about his and his fellow shareholder, Terry Harpham’s, initial reasons for joining Ataraxia in 2013. This was broadly driven by the objective of releasing some personal capital, and replacing their membership of the Willis Network by trading with our markets. We then talk about how the acquisition of local brokerage Assured Insurance Solutions Ltd has transformed their business, and conclude with the whole experience of negotiating the final sale of RIB Group to a local brokerage.
KEY TAKEAWAYS:
BEST MOMENTS:
“. it seemed probably probably too good to be true, I suppose would be the easiest way to describe it. Because it seemed that we could retain 100% control of the business and have no interference and have yet access to markets equal to what we had with Willis.” (about 5 mins into the original recording)
On the acquisition: “I mean, the way that you organize the sale or the purchase, from our point of view from the men that, in actual fact, were laid very little money out on the table. And in fact, it was so seamlessly. Again, I can't believe without and can't believe it was so good, because it just fitted perfectly. And the cash outlay was very little towards that time. And and it worked very, very well.” (about 10 mins in original recording)
On the final sale:( after 17 m 10s of original recording) “They felt though they've got a better outlook with implementing more progression, more promotion in if you like, as well. And, and I think the recognize as well that like, we've come to a site again, the Waitrose of insurance, broking groups, we've got more products to access the clients, we've spoken to the clients, the key clients, before it was announced”
On trusting Ataraxia personnel: “I think that if Adam bolts are still there, then I would trust that him because he's an honest man. And and I've, I've probably become closer to Adam, in these last few weeks than than ever before, but I've trusted his judgment. And it's not been a bad deal for me.” – (after 23m 51s of original transcript)
RESOURCES:
https://www.linkedin.com/in/john-jesson-b6291a1a/
https://rib-group.co.uk/
https://www.insuranceage.co.uk/management/7530856/grp-yorkshire-hub-marshall-wooldridge-buys-again-with-rib-swoop
https://www.insurancetimes.co.uk/news/grps-yorkshire-hub-snaps-up-regional-broker/1435321.article
ABOUT THE HOST
Helen is the Commercial Manager of Ataraxia, a unique succession support business for UK General Insurance Brokers. Coming from a Finance and broking background, Helen works exclusively in the independent broker space. Her commercial broking experience is key to supporting the business, which has achieved over 40 brokerage succession plans during the last 10 years. Observing that “one size doesn’t generally fit all” Helen applies “bespoke” planning to the succession dilemma. Helping brokers to identify ambition, gently release capital and construct a robust business plan to protect all the vital elements of a brokerage.
Website: https://www.ataraxia.co.uk/get-in-touch/.
ABOUT THE GUEST
John Jesson is former owner of RIB, a strong Independent Commercial Insurance Broker based in Rotherham. John was one of the founder members of this successful local brokerage in the early 70’s, and has seen its transition over the years: all the way from a small personal lines brokerage, to a chain of high street personal lines offices, evolving to a predominantly commercial advice-led business.
John is well regarded in the local business community and has other business interests in the area.
OVERVIEW
In this episode, Ataraxia’s Helen is joined by Neil Willies, MD of Neil Willies Insurance Brokers Ltd. Neil talks to us about his initial reasons for joining Ataraxia in 2014,driven by the objective of releasing some personal capital, and replacing his membership of the Willis Network by trading with our markets. We then explore a unique succession solution currently in place, involving “parachuting” a additional successor into the business, to bolster a an planned MBO.
KEY TAKEAWAYS:
Ability to crystalize some value for personal benefit, without relinquishing any of the profits
The ability to trade with our partner insurers, and replacing previous network relationships, and placing majority of book with our markets
To source and help facilitate niche succession plan, and help with funding for planned MBO.
BEST MOMENTS:
“Within the first year we transferred virtually 80% of our book into the hands of our partners, and therefore maximise the earning potential. The commitment that we got out of the insurance companies at the time helped”.
“When we were struggling to place a risk, you (Jonathan Stone, our Business Relationship Manager) you stepped in, and 9 times out of 10, the insurer came up with the goods”.
“The future for Neil Willies looks rosy, because of the way things have panned out over the last 12 months”.
RESOURCES:
https://www.linkedin.com/in/neil-willies-59a57a16/
https://www.neilwillies.co.uk/
https://www.facebook.com/neilwilliesinsurancebroker/
https://twitter.com/neilwillies?lang=en
ABOUT THE HOSTS
Helen is the Commercial Manager of Ataraxia, a unique succession support business for UK General Insurance Brokers. Coming from a Finance and broking background, Helen works exclusively in the independent broker space. Her commercial broking experience is key to supporting the business, which has achieved over 40 brokerage succession plans during the last 10 years. Observing that “one size doesn’t generally fit all” Helen applies “bespoke” planning to the succession dilemma. Helping brokers to identify ambition, gently release capital and construct a robust business plan to protect all the vital elements of a brokerage.
Jon is the Business Relationship Manager for Ataraxia Broking
With nearly 30 years’ experience from both an underwriting and broking perspective, Jon is well served to act as the link between group brokers and our partner insurers, to ensure risks are bound in accordance with our placement strategy. Effective communication and negotiation skills are an absolute must to manage and monitor group performance. Jon is never slow to roll his sleeves up and help on the broking side.
Website: https://www.ataraxia.co.uk/get-in-touch/.
ABOUT THE GUEST
Neil is the Managing Director of Neil Willies Insurance Brokers Ltd, an independent commercial insurance brokers based in Studley, West Midlands.
Neil has been with the brokerage for 30 years, buying in 1990, and has built the business on strong customer service and staff loyalty since. Neil left Willis Network to join Ataraxia, and has been consistently impressed by the Ataraxia insurer relationships.
Neil is our second guest on the Ataraxia podcast, and talks to us about how de-risking helped him with his personal financial objectives, and how the smooth transition to our partner insurers facilitated this. We also explore the current succession plan/proposed MBO, and the role Ataraxia play in this niche solution.
OVERVIEW
In this episode, Ataraxia’s Helen is joined by Graham Webster of ABA Insurance Services. Graham talks to us about his complete Ataraxia journey; from the initial deal in 2014, instigated by the need to exit a shareholder, all the way through to his experience in trading with our markets and culminating in the final succession plan which we have seen in the recent trade press.
KEY TAKEAWAYS:
Critical to the deal was being able to maintain control of the company, which Ataraxia enabled Graham to do.
It’s extremely important for all staff members, not just the directors, form good relationships with our clients.
Ataraxia supported Graham through the acquisition of Egerton Newton which proved to be a key platform in moving forwards.
BEST MOMENTS:
'‘We like to provide a first-class service. We like to be very much as I mentioned before, almost a board member of the clients, we like to know their business because by knowing their business, we can actually give them proper advice on their insurance requirements and arrangements.’’
‘’When approaching Ataraxia, I'd realised that the insurance market was changing and that we needed some support with agencies and so on and therefore we were looking at various opportunities.’’
‘’Ataraxia enhanced commission and initially helped us help the shareholders of ABA to release an equity, which was useful.’’
“Have we been on the money?... Yes, everything that was put down when we started talking about what was actually to be achieved. It went actually further than that and we ended up with more cash in the business than we expected. So yes, it was it worked very well.’’
RESOURCES:
https://www.linkedin.com/in/grahamwebsterabagroup/
https://www.insurancetimes.co.uk/news/watford-broker-scores-acquisition-hat-trick-as-part-of-2021-growth-plans/1436048.article
https://www.insuranceage.co.uk/broker/7537936/mvp-broker-buys-three-businesses
ABOUT THE HOST
Helen is the Commercial Manager of Ataraxia, a unique succession support business for UK General Insurance Brokers. Coming from a Finance and broking background, Helen works exclusively in the independent broker space. Her commercial broking experience is key to supporting the business, which has achieved over 40 brokerage succession plans during the last 10 years. Observing that “one size doesn’t generally fit all” Helen applies “bespoke” planning to the succession dilemma. Helping brokers to identify ambition, gently release capital and construct a robust business plan to protect all the vital elements of a brokerage.
Website: https://www.ataraxia.co.uk/get-in-touch/.
ABOUT THE GUEST
Graham is the Managing Director of ABA Group in Bolton. Graham has 40+ years in the Insurance Industry and has also been a President of the local Bolton CII. Graham set up ABA Group in 1993 and has been providing UK businesses with his expertise since. Graham is our first interviewee and was chosen as he has completed the full “Ataraxia Journey”, from initial de-risking and buying out a fellow shareholder, all the way through the placement/income generation phase, through to formulating a highly bespoke succession solution, using Ataraxia’s niche expertise.
Website: https://abainsuranceservices.co.uk/
The Ataraxia Insurance Broker Podcast offers insight into Ataraxia's unique succession support offering for UK Insurance Brokers, with interviews with real brokers that have been through this process. Observing that “one size doesn’t generally fit all” our Host, Helen, applies “bespoke” planning to the succession dilemma. Helping brokers to identify ambition, gently release capital and construct a robust business plan to protect all the vital elements of a brokerage.
The podcast currently has 10 episodes available.