Cracks in consolidation
Are the cracks beginning to show in the consolidation model? Tony Cornell considers the latest moves by Towergate and Giles
It all seemed so easy. Find an enterprising insurance businessman, back him with unlimited funds and set out to consolidate a fragmented independent insurance broking sector.
In 2000, there were 4,000 brokers and the top 100 only controlled 20% of the independent market. Collectively they had a commission income of about £300m. The top 10 had less than 8% with an income of £100m. The commercial sector was dominated by brokers with over 95% of the market under their control and the consolidation
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