In an industry where growth often means transition into a larger, more impersonal entity, it can be difficult for a business to maintain the strong family values that have fuelled its success while still moving forward and evolving.
But it’s something that LHK Group has achieved, building on and maintaining its family-led focus while also growing into an increasingly dynamic general insurance and financial planning advisory firm.
Company Details
LHK Group
Number of Employees: 80
Founded: 1938
Why it’s in the news: Gold winner in the category of Professional & Business Services Family Business at the Family Business Awards
This accomplishment was clearly recognised by the judges at this year’s Family Business Awards, who awarded the Leinster-based firm a Gold win in Professional & Business Services Family Business at the recent awards ceremony, their second consecutive win in this category.
Managing director at LHK Group, Colm Kelleher said: “We are honoured to win this award, which is a reflection of the hard work and professionalism of all my colleagues. Being recognised, in particular as a member of FBN, is a reflection of our commitment to our strategic decision to forge an independent path, as a family-owned Irish business in a period where there has been rapid consolidation in our sector.”
He continued: “As many of our peers have consolidated into large international groups, we strongly believe our ownership structure gives us a significant advantage in the Irish market. We remain closer to our clients, with many directors personally advising a range of clients and 100 per cent focused on domestic individuals and businesses, many which now have a growing international presence.”
It is this hands-on, personalised service that makes LHK Group best placed to attract new clients and colleagues who can see the clear advantages of working in this environment.
The business was founded in 1938 in Dundalk by Myles Kelleher from Leitrim, who began selling life insurance from his bike at the age of just 18 years old.
“My father, Colm Kelleher Snr, established an office in Drogheda in 1970 and, upon returning from London in 2008, where I had worked in the corporate insurance space, I took over this business and we set about growing it both organically and via acquisition,” said Kelleher.
Today LHK Group includes more than 80 employees across offices in Drogheda and Dublin with three main pillars to the company, Insurance, Business & Personal, Pensions & Investments and Mortgages.
Kelleher said: “Our clients are ultimately a reflection of the Irish economy, ranging from first-time buyers in our mortgage business, to some of Ireland’s largest indigenous companies, where we advise them across the range of risk, insurance, corporate pensions and employee benefits.”
The past year has marked a fresh period of growth for the company with the significant acquisition of a business known as Finance One, a move made in response to listening to and recognising emerging client needs.
Kelleher explained: “The strategic rationale for this acquisition was to expand our presence in areas of the corporate pensions and mortgages, based on demand from many of our existing clients and projected growth in these areas due to factors such as auto enrolment pensions and increased first-time buyers’ completions.”
Looking ahead to 2025, LHK is already pre-empting the challenges that can be anticipated and how best to address those for its clients.
“We anticipate some notable changes in the industry into 2025 which will increase the demand for best-in-class advice,” said Kelleher. “Whilst commercial premiums continue to fall significantly, many people are experiencing significant increases in their home and motor insurance premiums and are struggling to understand the reasons behind this conflicting dynamic.
“In addition to this, demographic changes in Ireland have led to the need for a more sustainable and inclusive retirement savings system. Auto enrolment is scheduled for introduction on September 1, 2025 and we are aware that many Irish employers are ill-prepared for the upcoming changes. We are currently speaking with many employers to help them navigate the complexities associated with the changing pensions landscape.”
Kelleher paid tribute to the work being done by LHK Group and recognised by the recent award win. He said: “I feel it is an acknowledgement of the professionalism of our team as our growth is really the output of significant increase in demand for the advice our teams provide, in an era when advice and service has become increasingly commoditised.”
He added: “We’re excited to embark on our next phase of growth and would like to thank our clients for their support and encouragement along the way.”
The Business Post / November 22, 2024.