3i backs Alway as Blackham and Meehan depart VP

Losing so much experience will be a blow to the broker but could simplify matters at the top. The remaining chief executive Stuart Reid has a huge job on his hands integrating Stuart Alexander, Layton Blackham and Smart and Cook which have very different operating models. Reid has admitted the three struggled to see eye to eye on key business decisions; clearly the three chief executive approach was destined not to work. Chris Blackham has declined to comment on the situation and the normally press friendly Paul Meehan appears to have lost his mobile. Indeed, Axa may want to update Layton Blackham’s website which as of 30 January still had Blackham firmly on the board, similarly Smart and Cook’s website was also unchanged (since this blog was first written a 'Farewell to Chris Blackham' has been hastily arranged on Layton Blackham's site).

The surprise move comes after telling PB in an interview conducted last June Blackham said: “We wouldn’t have done this for the short-term we’ve got serious skin in the game. We’ve all invested millions of our own pounds so it’s not going to be a holiday camp.” and Meehan said he would be around for “at least three years”.

It will be interesting to see if Meehan’s comment that “when we finish with the business we won’t be working with anybody else” rings true. Broking won’t be the same again without these two industry thoroughbreds.

Meanwhile, Jelf had a ‘super news Tuesday’ as it announced the acquisition of £43m gross written premium broker Manchester-based Manson Insurance – Jelf’s first move out of the South-west, a £47m placing and a dramatic increase in turnover and earnings before interest tax depreciation and amortisation for the year end 30 September 2007. Meanwhile pre-tax profits climbed to £2.5m from £2.1m.

3i Quoted Private Equity has taken a significant chunk of the shares, and the money will help Jelf pay down debt and raise more capital for acquisitions. The investor is led by former Bruce Carnegie-Brown, and the former Marsh UK chief executive will take a place as a non-executive on Jelf’s board.

A deep intake of breath and a recap of the deals you may have missed in January: Manchester-based CBG has bought Barclay Brown Holdings for £1.45m; Oval acquired FMW Risk Services, Ipswich-based AJ Cook and Bristol-based Tett Hamilton; Manchester-based Bridge Insurance Brokers bought Chartwell Insurance Brokers; CCV purchased DP Insurance Consultants and Norwest Estates; KGJ Insurance Group acquired Insurance Risk and Claims Management; THB Group finally completed the acquisition of PWS; Reich Insurance acquired WB Tidey & Co.

By the time we finished writing that list we are sure there are probably more to add!

Finally, thank you for all your competition entries and kind comments about the new look magazine, but I was taken aback by the following attempt to win: “I would very much like an Apple iPhone as I am totally devoid of any personality whatsoever and intend to use it to wow the ladies . . .” We will be keeping this entry anonymous. Enjoy the week!