Holborn Aims At Keeping Its Independence
By Mark E. Ruquet
NU Online News Service, May 26, 2:49 p.m. EDT?As far as the management of Holborn Corp. brokerage is concerned, they are happy the company is small and they want to make sure it keeps that way.[@@]
The global reinsurance brokerage firm recently announced a succession plan it said will carry its successful business strategy into the future and still keep its limited niche presence.
The firm announced a series of promotions intended to set up a line of succession once the current head, John N. Gilbert Jr., 66, retires.
Mr. Gilbert, who was president and chief executive officer, was named chairman, retaining the title of CEO. Frank T. Harrison, 44, who was executive vice president and chief operating officer, was named president, and remains the COO. David W. Melrose, 47, formerly senior vice president, was named executive vice president. All three are directors in the firm.
The firm adopted an Employee Stock Ownership Plan in 1998 and is wholly owned by its employees.
Mr. Harrison said the New York City-based reinsurance brokerage firm (www.holborn.com), which dates its founding back to 1920, has historically kept a low profile "despite representing some significant commercial clients" and plans to keep that same demeanor into the future.
He acknowledged that the firm, which employees more than 60 people and has revenue of just below $30 million, is seeking to remain a "small" reinsurance niche player at a time of mega-mergers within the insurance industry.
"We have deliberately remained a small reinsurance intermediary and plan to remain small and not move to any great degree, making our progress in small, measured ways," said Mr. Harrison. "We want to give advice to our clients and provide them with what they need. Treaty reinsurance is the one and only business we do, and we know we have to do it well or we will disappear."
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