On the lookout for a good deal.
The next few years are likely to see the market overflowing with brokers selling up. Before setting off on an acquisition spree, however, brokers should take care to negotiate around the pitfalls that lie ahead. Tony Cornell explains.
After 2005, distribution in the UK general insurance market will bearlittle relation to what it is now. During the past decade, the number of
brokers in the market has fallen steadily but this is likely to accelerate
as 2005 approaches.
The reasons are manifold but most striking is the age of the principals
and major shareholders of brokerages. Some 50% of principals will be over
60 by 2005 and many major shareholders in larger brokers will be over 55.
It is estimated that 75% of UK broking
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