First Link stays on growth path

First Link, the nationally represented short-term insurance broker, will remain on the growth path despite a more challenging business environment. The pace of acquisitive growth should accelerate during the course of the year.

The commitment to ongoing expansion comes from recently appointed Chief Executive Officer Barry Taylor.

In a little over three years, First Link- the short-term insurance arm of the FirstRand financial service group has acquired 13 independent short-term brokers in major business centres across the country. In four years, profits have quadrupled.

Taylor notes: "The market cycle has turned. Underwriting profits are under pressure and rates are starting to rise, but we will not be calling a halt to strategic expansion. We foresee continued organic and acquisitive growth.

"Our former CEO Keith Young now consults to the company and has the task of identifying suitable candidates for acquisition. Single-minded focus should lead to acceleration rather than a pause in acquisition activity."

Additional growth opportunities will be sought through new product development and the exploitation of synergies within the FirstRand Banking Group where First Link is the preferred provider of short-term insurance services to sister-company FNB in all areas except the bank's home loan business. Relationships with all other group companies will be strengthened.