Insurance Talent Need – PE and M&A Advisory Service Teams
The top national brokers have had PE and M&A advisory units for a number of years and now we are starting to see large regional players starting to build out these units. These units are responsible for conducting comprehensive reviews of P&C and Benefits insurance coverages of acquisition targets for private equity and other financial sponsor clients. The goal is to mitigate risk pre-close, during the transaction, and post-close.
Since these services are M&A-focused, they stem from the Private Equity sector. That sector has grown by $4 Trillion in the past decade and “sponsored companies” have grown by 170% in the last few years. Insurance brokers are now moving rapidly to build teams of due diligence analysts, transactional advisors (P&C and EB), and practice leaders to capitalize on this business segment.
Due to the relative newness of these roles, talent is at a premium. If you are looking to build out these units at your own brokerage, consider the below strategies when recruiting.
1. Be Organized with Regard to the Search:
Have formal job descriptions and interview structure prepared prior to the search. Also, understand your story and be able to communicate that to candidates.
2. Understand the Market:
Research your competition. Know who has these units, where their staff is located (your target list), and have a basic understanding of compensation models used in these units.
3. Be Flexible and Move Quickly:
We are currently in one of the most candidate-centric markets of the last twenty years for the insurance industry. We have one national brokerage client that had 106 openings this time last year and now has 606 openings. With that in mind, be organized, consider remote work environments for top talent, and move quickly when you have an “A Candidate” in the pipeline!