As head of Scotland’s largest insurance broker, Iain Henry knows a thing or two about risk – both personally and professionally.
Currently he is nursing a broken arm and has steel pins in his back following a terrible, recent car accident. Yet Mr Henry has returned to the office after just a few weeks to run Scotland’s largest insurance broker, Marsh.
“I’m just slowly getting back into it. But I’m getting there,” he says bravely.
But Mr Henry has been busy since his firm, Central Insurance Services (CIS), was snapped up by insurance broking and risk management firm Marsh. The deal, announced at the start of the year, completed in March – for sum that remains undisclosed.
Since the deal, business has been booming. Risk is everywhere, from Ebola, cyber liability, to travel to dangerous and politically unstable parts of the parts of the world, which means Marsh can sell insurance.
Since March, the Marsh business has doubled in Scotland and Mr Henry became the head of the global firm’s Scottish operations.
“The international market and cover requirements is growing.
It is large part of the business,” says Mr Henry.
“People and companies are working overseas more.
“The encouraging thing from an Aberdeen perspective is companies are maintaining their centre of excellence here. There’s a big fear about the North Sea and oil reserves, but companies are engaging people to work overseas more.”
Marsh is an insurance behemoth. It is part of the New York-based conglomerate Marsh & McLennan, which has been listed on the New York stock exchange since 1962 and has a market capitalisation of £19.5billion.
He speaks of the cultural fit between the two firms, as Marsh allows what was CIS reach international markets with greater ease while giving the large corporate-oriented firm access to the smaller, nimbler end of the market, particularly in the oil and gas sector.
“They are global. We have a lot of clients in Aberdeen who have international connections and hubs. It allows us to deal with everything under one roof,” observes Mr Henry.
Although the tie up with Marsh gives both Mr Henry and his staff in Scotland a worldwide career vista, he insists that the business was never really up for sale. But once word got round Mr Henry and his fellow shareholders were considering overtures, things got serious.
“We didn’t have any intent to sell the business. Last year it turned to fever pitch with a lot companies interested in acquiring the business.
“We just looked at the landscape. Things were changing. We selected one or two players that were interested in us and we had some discussions.
“There was only one company that we were interested in partnering up with and that was Marsh,” he says.
Like many industries facing the crunch, the insurance sector is not immune to consolidation. Currently Aviva is in talks to take over Friends Life in a £5.6billion deal, although Mr Henry says Marsh aims to grow only through strategic acquisitions.
“There will be more broking consolidation, especially with insurers. There is overcapacity at the minute.”
Mr Henry, now 45, has been an insurance man all his life – although he admits he “fell into it” after he left Hazelhead Academy.
He joined CIS, which had been founded in Aberdeen in 1973, as a 20-year-old as a clerk. Eventually he built up his network of clients and bought in as a shareholder in 2000.
Then in 2008 he led a buyout of the firm and launched an expansion spree, opening an office in Glasgow as well as acquiring businesses in Kendall and Edinburgh.
The MBO was a “trigger point” for the business, he says. The office relocated from its “rabbit warren” offices, five terraced houses cobbled together on Albert Street, to a smart purpose-built office at Westhills.
“How did I get into insurance? I fell into it, to be honest. I don’t think people that leave school want to go into insurance. But it’s a great career,” he says.
“It is great profession. You get to understand a lot about businesses and industry. It is actually quite exciting.”
Q&A
Who helped you get where you are today?
My colleagues. They have helped me get where I am with their support and dedication
The directors of CIS – I learned a lot from them. I tried to pick the best out of each of them and create who I am.
My father as well, he helped me with a loan to become a shareholder. That was a big thing for me.
What do you still hope to achieve in business?
To continue to grow the business, develop it. I’d like to develop a career in Marsh. There are lots of places to go, and use my entrepreneurial skill and flair within the business. And continue with the personal serice our clients are used to.
If you were in power in government, what would you change?
More help to SME businesses through grants and perhaps tax concession to help them flourish and develop.
What are you reading, listening or glued to on TV?
I like to read autobiographies. Steve Jobs, Harry Redknapp – I find these quite fascinating.
I like to watch Arsenal, but they aren’t performing too well.
If you were a character in a TV series or movie, who would you be?
I like Liam Neeson as an actor in terms of the characters he plays.
What do you drive and dream of driving?
A Land Rover is what I have – aspiration-wise, probably nothing more than that at the moment.
What would your children or partner say about you?
I’m conscientious, hard working, never at home, too dedicated to work.
Which charity do you support and why?
Marsh supports the Red Crosss. From a personal perspective I support Diabetes UK – my mum’s a diabetic.