Underwriting agency expands across the UK as it aims to double revenue.
Commercial underwriting agency APC is set to boost its regional presence with a recruitment drive and new staff across England, Northern Ireland and Wales.
APC is set to recruit up to eight broker development managers across the regions, as it aims to double its revenue to £40m within three years. It plans to raise revenue to £60m within five years.
The agency currently deals with about 1,000 UK regional brokers by telephone and email and hopes its physical presence will enable it to build stronger relationships.
It has divided its target regions into the North East, North Yorkshire and Yorkshire; East and West Midlands; north London and East of England; south London and the South East; the South West; Northern Ireland; and Wales.
According to the agency, the move would bring benefits for brokers including more frequent visits and faster response times.
APC director Ian Russell said: “We anticipate great mutual benefits for both APC and brokers from having experts on the ground and in the areas where brokers are. APC relies heavily on brokers and we want to support them in the ways they tell us they need support from their carriers.
“We have good relationships with all our broker partners, but these tend to be stronger in the areas where we have offices. By establishing a broad regional presence, APC will be able to offer the highest levels of support to all of our brokers.”
The £40m plan supersedes a target set by APC in January, when it planned to hit revenue of £30m by 2010. This followed the increase of the company’s underwriting property limits from £3m to £10m in any one location.
Its capacity is provided by a number of Lloyd’s syndicates.
Also in January, APC signed a contract with Lloyd’s embracing property, combined liability, professional indemnity, directors’ and officers’ and legal expenses.
The contract is 100% underwritten in the Lloyd’s market by Catlin and Kiln.
APC forecasts that it will have 17,000 policies with a premium of £18m in 2008.
In 2006 APC underwrote 14,000 policies with an annualised premium of £13m.