Gallagher's Deakin: the speculation is "going to increase"

Market speculation around AJG reached a peak at the end of July, when sources informed Insurance Age that the broker was set to purchase Giles Insurance Brokers.

When asked whether she had enjoyed working with Brendan McManus, Giles CEO, whilst at Aviva, Deakin said: "I did actually, I've known Brendan for a long time in different roles from RSA to Willis to where he is now."

While she would not be drawn on specific deals, Deakin surmised that the root of the rumours surrounding possible acquisitions was the simple fact that AJG "is a great place to bring your business to".

Buying businesses
She stated: "This business buys, it doesn't sell. If you sell to Arthur J Gallagher, you've found your home. And that can't be said of a lot of the options out there for brokers.

"So the reason there's so much speculation in my view is because Arthur J Gallagher is where brokers want to go."

Deakin added: "And if you think there's a lot of speculation now, I would say it's only going to increase because the great thing about joining now is this business is just starting in some of the UK markets - it's a massive opportunity and we are moving up a gear."

Whirlwind
Deakin shared her views with Insurance Age six weeks into her new role as UK commercial director at AJG.

Reflecting on the month and half she stated: “It’s been a bit of a whirlwind, the past six weeks. A good whirlwind, a great whirlwind. My job grows by the day.”

Her new role includes developing market relationships, overseeing M&A activities, e-development, which involves both websites and online trading, and she will also have responsibility for building a new sales and marketing function.

Formidable partners
John Kitson, another former colleague of Deakin’s from her time at Aviva, has been signed up on a part-time basis for a year to help facilitate this and commenting on her previous experience working with Kitson, Deakin admitted: “We were a pretty formidable partnership.”

She described her new team as “small but great”, and revealed that Debbie Durkan, previously sales and business development director at Gallagher London, has been promoted to the role of strategic sales and development director.

The team is also recruiting for two other “significant roles” in the sales and marketing function.

Logic
Deakin explained that there was logic behind putting the sales and marketing function and M&A into one role: “You’re looking at both inorganic growth opportunities and supporting the business with organic growth opportunities.

“So from my perspective it’s looking across the growth and sales strategy of the business and seeing which businesses will help us get to delivering that strategy. Then once we’ve decided on what the right opportunity is, having the team that makes it happen.”

Aviva
Deakin spent 13 years at Aviva, most recently as intermediary and partnerships director, and said she is enjoying being “on the other side of the table”.

In terms of differences between the broker and insurer worlds, she said: “The team I’ve inherited feel that this place is quite difficult to get sign off, and I think it is a dream compared to what I’ve been used to. The pace of life here is fast.

“You go into meetings and you don’t need a presentation that’s been vetted by ten people to get a decision, you just get a decision. There’s a huge amount of trust in the senior team here. It’s really impressive.”

Right timing
With regards to her departure from Aviva, Deakin said: “I think I got into Gallaghers at the right time, it’s a great time to be joining this business.”

But she continued: “I’m never going to be disloyal from an Aviva perspective, I think the guys are going through a tough time, and they will come out the other side of it.

“We’ve been there before. The key thing will be, and always was, you’ve got to preserve the relationships, you’ve got to be able to have tough conversations where you need to.”

She added: “If that gets forgotten in this market then you’re in trouble. But they’re a great team and I want them to do well. As they get into next year I think they’ll be starting to come out the other side of a lot of the pain.”

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