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‘Ensuring
Acquisition’ campaign for Opus Insurance
Gold Award winner, Corporate/Financial Category,
North West IPR Pride Awards 2005 |
INTRODUCTION:
Ever since their MBO in 2000 from commercial insurance
brokers Heath’s Group, the senior management team
at the newly-formed commercial insurance broker Opus
Insurance, were fixed on preparing the streamlined business
for acquisition.
Both general and commercial insurance
industries had been going through a tough time. In the
wake of 9/11, freak floods in rural Britain, the emergence
of unforeseen competitor brokers, such as the supermarkets,
and the general increase in domestic and business claims,
both UK and US insurance brokers were spreading business
risks by diversifying geographically and by sector.
Big global brokers like US giant
and New York Stock Exchange-listed Willis Group, were
eyeing-up UK brokers as potential acquisition targets.
Bosses at Opus knew that Willis wanted to spread their
own risks by acquiring UK companies with strong regional
client bases in diverse business sectors. UK brokers
with regional branches enjoying good relationships with
their local media would prove irresistible to larger
brokers looking for safe havens against the vicissitudes
of industry downturns, acts of terrorism and economic
malaise.
We were appointed in April 2004
to raise the profile of the company in the insurance
sector, local and regional business media and in the
business pages of national newspapers.
As part of any buy-out negotiations,
evidence of strong branch-presence in the regions and
corporate authority in Insurance Times, Insurance Age
and POST Magazine would prove an irresistible lure to
potential acquirers.
Pre-appointment, PR was in-house
and ad hoc. There was suspicion and scepticism at board
level, which was ultimately turned completely around.
The agency developed a PR campaign to promote the nine
Opus UK offices.
OBJECTIVES:
-To widen industry perception of Opus as one of the
UK’s leading commercial insurance brokers –
bringing it to the attention of insurance multinationals
hungry for acquisition
-To create and build the Opus profile nationwide and
at local office level, as one of the UK’s leading
independent suppliers of commercial insurance.
PLANNING & RESEARCH:
On appointment, we visited each of the company’s
regional offices to better understand their specialist
areas of expertise, at the same time meeting with regional
newspaper journalists to forge new relationships. We
liaised with Branch Managers on a regular basis to help
increase their understanding of public relations.
IMPLEMENTATION:
The agency provided Opus with support on a comprehensive
mix of product, profile and issues-led pieces, such
as:
- Changes to duty-to-manage asbestos
legislation
- An industry survey in the run up to new FSA regulations
- Risks on the golf course
- Air Ambulance cheque presentations.
We supplied the media with a continual
stream of high quality coverage focusing on new insurance
product developments, technical expertise, plus regular
corporate news, all of which enabled Opus to increase
its share of voice nationwide.
Forging relationships with industry journalists: we
set up a two-day editor tour in London and visited media
offices to brief editors re Opus, their areas of expertise
and capabilities.
- Insurance Age
- Insurance Times
- POST Magazine
- Business 550
Positioning the CEO and other key
personnel as industry thought leaders resulted in the
journalists approaching us to contribute to features,
case studies and round table discussions.
CREATIVE INPUT:
We identified key times of the year when regulatory
changes could be used to provide interesting issues-led
PR angles, for example, changing asbestos legislation
and work at height. Issues-focused press releases were
drafted and despatched to national and regional newspapers
nationwide.
Our use of accompanying creative photography helped
further boost media coverage.
THE RESULTS:
Sustained media coverage in regional, national and specialist
media was achieved with over 176 cuttings generated.
Opus was acquired in December 2004, being sold to global
insurance giant Willis, one of the world’s leading
risk management and insurance intermediaries. Opus bosses
attribute the company’s attractiveness to Willis
as significantly enhanced due to its high media profile
at all relevant levels – local, national, and
sector.
EVALUATION & MEASUREMENT:
The PR campaign from April 2004 to February 2005 resulted
in an content weighted editorial value of £489,659
and a total readership value of 13,123,430.
Campaign highlights include the Asbestos 'Duty to Manage'
activity, which secured 6,110,952 opportunities to see
the Opus brand name in print media and achieved coverage
in both broadsheet and compact versions of The Times.
We also turned 'just another cheque handover' into
a successful mini-campaign which resulted in extensive
coverage for the Opus / Air Ambulance charity campaign
in the target regions of Bolton, Maidstone, Southend,
Aberdeen and Dorset and Somerset. In addition, HTV West
- regional ITV television - filmed pre-record and live
packages.
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