M&A Director (Broker) For Specialist Broker

The client is a small, specialist broker with a strong track record and an impressive client base. It has approximately 100 people, united by common values of high standards, bold ambition and a proactive approach. Since its inception, the business has focused on a clearly defined product offering and encourages cross-selling across the various teams. A collaborative approach with its clients as well as internally underpins the day-to-day modus operandi.

The M&A market is relatively small and highly competitive. The client needed a candidate with an extensive network in the legal sector with the ability to convert these relationships into long-term, trusted partners.

Technical credibility was vital, and the candidate needed to combine natural intelligence and gravitas with strategic thinking and hands-on execution. These exacting criteria reduced the size of the potential candidate list, so it was essential to position the business in the best way possible to attract highly sought-after individuals.

• Damhurst mapped out the London M&A insurance market in its entirety.
• We also identified appropriate candidates within the legal sector.
• We then brought this map to life by seeking out multiple third-party commentary on each of the individuals within these teams.
• We gleaned feedback on technical viability, the extent of the production capability, the scale of their network, and their stylistic approach when dealing with clients.
• Damhurst also sought out commentary on how candidates behaved internally, asking questions around their work ethic, proactiveness, motivators, and team interaction.
• Damhurst also took references on the identified legal candidates, determining from those who had dealt with them on a first-hand basis whether they would be able to make the transition to the insurance market. It was particularly important to understand whether they would have the commercial mindset to be able to thrive in broking.
• Following an expedited research process due to the immediacy of the client’s need, we compiled a longlist and talked it through with our client.
• During this meeting, we identified five approaches, which Damhurst subsequently contacted.

• The longlist was comprised of 75% brokers and 25% lawyers.
• The five agreed approaches were all from broking houses.
• All longlisted candidates were passive (i.e. they were not looking for new roles) and made the longlist due to their strong track records, reputations, and anticipated share of values. All candidates were highly regarded by their clients.
• Out of the four candidates interviewed by Damhurst, all four went forward to meet with the client.

Each candidate presented a different proposition, and the client could have hired each of them had the budget been unlimited. They decided to focus on one candidate, due to their network within the legal sector, and because they backed their production capability. The client was also impressed by the way the candidate presented themselves – they were polished, bright and articulate.

The candidate was introduced to all the key stakeholders in positive and insightful meetings. After extensive conversations about the benefits our client offered versus their current organisation in the context of their long-term career aspirations, the candidate decided that the opportunity was the right one. At this point, Damhurst negotiated the candidate’s salary, and when an agreement was reached, we gave the candidate resignation preparation. It was a tough resignation and the candidate’s existing employer tried aggressively to retain them. Damhurst kept close to the candidate during this period and eventually, the candidate’s existing employer accepted the situation.

We had also identified two other individuals for their first-rate servicing of clients and their ability to execute work to the highest quality. They were not on-brief for our original mandate, but knowing our client as well as we did, we thought they would be exceptional hires into the wider M&A team and thus we introduced them to the business. Senior management agreed and hired them as well, as by-products of this search.