Cooper Gay - Broker rising
Having played a key role in reversing the fortunes of Cooper Gay, James Summers tells Charlie Thomas about the tough decisions that he has had to make while at the helm
Since becoming Cooper Gay's UK chief executive in October 2006, James Summers has set about making the renowned Lloyd's broker profitable again. As a broker with 90% of its revenue coming from outside the UK, spiralling costs were becoming a problem and profitability had hit a low.
Summers believes that too many brokers are obsessed with the idea of income at any price and forced Cooper Gay to follow a series of strict, cost-controlling exercises that are now beginning to bear fruit. He notes:
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