Congratulations flow as Cowden celebrates 50th anniversary
WA’s longest-running insurance broking firm Cowden is celebrating its 50th anniversary and a journey that’s seen the business grow from small beginnings to a company with offices in Perth, Adelaide, Melbourne and Sydney.
Founder Colin Cowden, pictured, was studying accountancy at night when he landed a job as a clerk with Eagle Star Insurance. Later he was offered a role as a broker with Leslie N Allen in Perth, where he spent seven years servicing a client base and building his reputation.
He then opened a Perth office for Melbourne-based Armith Insurance Brokers before starting his own business, encouraged by friends he’d met while studying.
Those friends, Roland Bosco and Auke Steensma chipped in relatively small financial contributions and offered office space in West Perth, and Cowden and Associates was incorporated on December 15 1972.
“I was effectively working out of an old bathroom,” Mr Cowden says. “My wife Judy and I had saved enough money to pay about six months of private and business expenses and I just hoped it would work.”
The couple began expanding the business with acquisitions in the late 1970s.
“There were a few small brokers in Perth that were struggling at the time as a result of the introduction of state legislation but we saw opportunities and decided to make the investment,” Mr Cowden says.
They later seized opportunities in Adelaide and Melbourne, again as a result of the introduction of legislation, federal this time, and eventually opened a Sydney office. Expansion continued with organic growth and acquisitions, including the addition of Brian Atkin’s Global Insurance Broking in 2016.
Mr Cowden became executive chairman, while Mr Atkin was Cowden MD until last January and remains a director, along with Colin and Judy Cowden, Chris Carr, Trevor Itzstein, Bob Carlier and current CEO Alan Tokeley.
The Cowdens’ son David and daughter Julie also work in the business, which has more than 70 shareholders, many of whom are long-term employees.
The National Insurance Brokers Association (NIBA) and Steadfast have congratulated the company on its anniversary and achievements. The broking business says it’s one of only three such firms in Australia to celebrate its 50th anniversary.
“In times of uncertainty, it is commendable that Cowden Limited have been looking after their clients for over 50 years, and we congratulate them on such an important milestone,” NIBA CEO Philip Kewin said.
Steadfast CEO Robert Kelly says the brokerage has achieved success due to Mr Cowden’s entrepreneurial and strategic vision, hard work and dedication to his team. The firm was one of the original brokers that joined Steadfast in 1996 and Mr Cowden served on the board for seven years from the late 1990s.
“He has attended every Steadfast conference and has been a solid sounding board for me on issues that have helped Steadfast to be in the position it is today,” Mr Kelly said.
“With an accounting background, Colin has been a very successful businessman, has a sharp mind and is always challenging the status quo to meet the unique needs of his clients, such as developing his own in-house broking team.”
Mr Cowden, 79, also a patron and life member of the South of Perth Yacht Club, has no plans to retire any time soon and says he looks forward to the company’s future.
