Playing a different game: why Holborn stands apart

“The independent broker has an extremely bright future. Look at all the startups these days. Holborn has been operating consistently under an independent model for over 100 years because it is the perfect approach for our clients and employee-owners.”

Greg Kaiser, senior vice president, Holborn, describes how he sees the future of independent brokers in the US.

Kaiser’s career started, straight from college, in 2000 at Collins Associates. He describes that as an entrepreneurial firm, influenced heavily by former EW Blanch executives. In 2009, it was acquired by Guy Carpenter. After a year there, the opportunity came to join Holborn.

“I jumped at the chance,” he says. “As a private company, few people knew much about Holborn—it had an almost mystical quality.”

What Kaiser discovered when he arrived did not disappoint. “Although it was a small company, it had some beautiful accounts that were so loyal and appreciative of the service they received,” he recalls.

The other attraction was the opportunity to get involved in many aspects of the business and become part of Holborn’s future—figuratively and literally because of its employee share ownership plan (ESOP). He describes his role now as spanning sales and account production, team leader for some accounts, team member for others. “But there is also the ethos that we are all one team,” he says.

Like many high-performing teams in all walks of like including sport, Kaiser says that team ethos is central to its success.

“There are no egos here,” he says. “Everyone at Holborn knows the name on the front of the jersey is far more important than the one on the back. When everyone is aligned, and pulling in the same direction, it makes for a fun and rewarding place to work. It also attracts like-minded clients with similar cultures.

“When you have alignment like that, it makes a career at Holborn extremely rewarding. We want to see our colleagues and clients win. When you have an intense intrinsic motivation to succeed on behalf of clients, literally permeating the entire organisation, it’s a sight to behold, and what Holborn is all about.

“Our culture has always focused on clients, working as broad teams to deliver the whole spectrum of analytics, traditional brokerage services and advice.”

Team players

It is perhaps no surprise that many of the leaders in Holborn have excelled in sporting endeavours. Chief executive officer Frank Harrison—just the third in the firm’s 100-year history—was a world-class decathlete. In Kaiser’s case, he played football in college as well as competing in track and javelin.

This plays a big part in determining the Holborn culture. “We seem to attract a lot of ex-athletes, people who know what it is to sacrifice, contribute to a team, and stay humble,” he says. “It is so good to see some of the new talent come in with these same attributes: they are hard-working, sharp, and energetic, and they fit our culture like a glove.”

Enhancing an already positive culture built on hard work and team work, is the business’s ESOP, which ensures every employee is a shareholder in the company. Kaiser explains that the impact of this is twofold.

First, at a senior level, there are no outside pressures to make decisions based on short-term metrics. “This allows us freedom to make decisions, be it on investments or people, with only the best interests of clients and employees in mind. Our success is intrinsically tied to our client’s success, so this allows us to offer truly unbiased advice.

Second, he notes, all employees are owners, so there is always an added motivation to provide exceptional client service, celebrate client and company wins and root for teammates’ success.

Kaiser describes the reality of operating in this way. “It means waking up at night with an idea that could help a client, and immediately writing a note so you remember the idea the next day.

“It means helping a colleague complete a difficult task that will help a client, even though you may get no credit for that. It means having expertise and team depth and breadth such that the collective diverse skillset can stretch across the entirety of client needs.”

That ethos makes Holborn quite entrepreneurial. With its crystal-sharp focus on helping clients, the size of the firm means there is little bureaucracy or red tape to slow down the articulation or implementation of new ideas that achieve its goals. Kaiser says the company has successfully fostered the idea of having no fear around such ideas.

“It means having the freedom and artistic licence to develop and articulate new ideas and solutions—having no fear of the unknown in stretching the bounds of what has been done before,” he explains.

“Reinsurers are largely entrepreneurs themselves. They love a challenge, solving a problem for which the traditional toolbox does not apply.

“Our clients encourage us to think broadly. We have no conflicts of interest on the primary insurance, reinsurance, or retrocessional side and all that combined fosters a truly entrepreneurial spirit. We have no pressure to place risks with any counterparty other than the one which is the best match for our clients.”

While all these attributes set Holborn apart, they also mean the firm measures success a little differently. When it comes to clients, the broker is not looking to maximise fees or sell new products, it just wants to maintain the relationship.

“Trust is everything. Our reputation is everything. Holborn has a long history of doing things right by both clients and markets. That sounds simple but it does set us apart,” Kaiser says.

When it comes to the people it attracts and nurtures, Holborn is also looking at the long term. “Holborn is looking for people who fit our team culture. We don’t want mercenaries. We want folks who can contribute more than just a revenue jolt. It’s why we’ll continue to be selective in how we go about seeking out talent to bolster what we believe to be an excellent existing talent base, across the organisation,” he explains.

It is for all these reasons combined that he believes the future of the independent broker is bright. He emphasises that these values have stood the firm in good stead for 100 years already—why change them now?

“To stay ahead of the game, we’re going essentially to keep doing what we’ve been doing for 100 years. That is, target similarly-minded and motivated team members. Continue to focus our production and analytics development toward the same current and prospective clientele.

“True teamwork will continue to be our differentiator and strength in delivering for clients. We are so excited by the opportunities ahead for our clients and our employees. The world is Holborn’s oyster in a lot of ways, and the future is bright,” he concludes.

Greg Kaiser is senior vice president at Holborn. He can be contacted at: gregoryk@holborn.com