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Lloyd’s insurers show wide discrepancies in management share ownership

Kiln and Wellington head the list of UK quoted Lloyd’s insurers whose management have negligible equity ownership in the companies’ stock, according to research from the securities house Numis Securities.

In contrast, the management teams of Hiscox, Omega and Beazley all have sizable stakes in their companies.

Leading the list, however, is the UK motor insurer Admiral where the management – led by Henry Engelhardt  – own 65 million shares in the company, the equivalent to £328mn. 

Admiral – which was launched by the Lloyd’s insurer Brockbank in 1993 – was subject to a Barclays Private Equity backed management buy-out in 1999, before floating on the London Stock Exchange in 2004.

In second place is reinsurance broker Benfield Group, where the management currently own 45 million shares, the equivalent to 19 percent of company stock, or £163mn.

At the other end, Kiln and Wellington’s management team have 1 million shares, equivalent to only £1mn each in value, according to Numis Securities. Boardroom ownership at SVB is little better with 5 million shares, the equivalent to £2mn, or 1 percent of the group’s total equity.

According to the stockbroker, management’s shareholding is an “issue that should not be overlooked” in determining a company’s strategy.

UK insurers boardroom equity ownership 

Company

Stake Value

No. of shares

% of total

Admiral

£328mn

65mn

25 percent

Benfield

£163mn

45mn

19 percent

Hiscox

£33mn

14mn

4 percent

Omega

£22mn

17mn

14 percent

Beazley

£21mn

21mn

6 percent

Catlin

£14mn

3mn

2 percent

Amlin

£10mn

4mn

1 percent

JLT

£8mn

2mn

1 percent

Atrium

£7mn

4mn

8 percent

Brit

£7mn

8mn

1 percent

THB

£7mn

8mn

31 percent

Advent

£6mn

18mn

5 percent

Highway

£6mn

7mn

4 percent

Hardy

£4mn

2mn

5 percent

Chaucer

£3mn

4mn

1 percent

RSA

£2mn

1mn

0 percent

SVB

£2mn

5mn

1 percent

Wellington

£1mn

1mn

0 percent

Kiln

£1mn

1mn

0 percent

Alea

£0mn

0mn

0 percent

Source: Numis Securities

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