Insurance broker beats forecasts with £500m+ of cover in first year
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A fledgling Cheshire insurance broker has significantly surpassed expectations during its first year in business.
Broadway Insurance Brokers has arranged cover for more than £500m-worth of assets on behalf of corporate and private clients across the North West.
Chief Executive Daniel Lloyd-John has described how a series of senior appointments by the firm – which represents many of the North West’s key entrepreneurs and wealthiest private individuals – had given valuable momentum to Broadway’s early growth.
He added that further senior strategic appointments would be made in the coming months: “The circumstances of the last year have been challenging for so many individuals and organisations, so to exceed our forecasts is nothing short of a triumph,” he said.
“Despite lockdown forcing us to change the way in which we work, we have still made our mark relatively quickly in an incredibly competitive sector.
“That’s because we are very much different to other brokers. Our dialogue with clients is not solely about premiums and policy renewals but undertaking a more thorough assessment of how they work and how they live. It means that we can arrange cover which does exactly what they need it to.”
He added: “We’re also available to help clients outside of office hours in a parallel fashion to the concierge service which is offered by many private banks.
“In addition, we have been incredibly fortunate to attract some of the brightest broking talent around, something which says a lot about our credentials and our ambition.
“As a result, and almost from scratch, we now represent some of the individuals and businesses who have helped make the North West’s economy so vibrant, as well as many of the private equity investors with which they work.”
He said: “I am very conscious, however, that this is only the beginning. We have developed terrific momentum but we are committed to making further progress by being a reliable, trusted advisor and a great place to work.”
Mr Lloyd-John launched Broadway – which maintains offices in Altrincham – after a six-year spell with Marsh McLennan, one of the world biggest insurance brokers.
He said that almost half of Broadway’s clients were North West-based businesses involved in a wide range of sectors, including logistics, engineering, construction and property, many of which turn over in excess of £250m.
Broadway’s focus on recruiting only high quality personnel has seen notable appointments, including Eleanor Moore as its private client director.
Ms Moore is also the current president of the Manchester Insurance Institute, the industry’s oldest such organisation in the country.
The arrival of Ms Moore was followed by the recruitment of Robert Grindrod, one of the North West’s best known and most experienced bankers, as its new director of business development.
Mr Lloyd-John said: “Our undoubted strengths are in those profitable, higher margin markets which have very particular needs and require very specialised expertise.
“The growth which we have experienced and the engagement which we’ve seen within the business and high net worth audiences mean that we are likely to see both personnel and geographic expansion in the very near future.”