Lloyd’s broker now looking to expand team

Lloyd's building

Lloyds broker Besso is on the acquisition trail after announcing a leap in turnover and profits in its latest annual results.

Pre-tax profits were up 52% to £3.48m and turnover up 8.5% to £25.8m in the year to 31 December 2012.

Chief executive Colin Marshall said he aimed to increase turnover further by developing Besso’s product and client base and expanding its broking team.

“In response to market conditions and increasing regulatory costs, the market is also continuing to see consolidation of broking companies,” he said. “The group perceives this as an opportunity to increase its business through acquisition of teams and other businesses.”

Recent results from Besso’s North American and Marine business suggested the global economy was starting to return to growth, he said. But the broker does not expect rates to change after a third year of soft market conditions.  

Earlier this year, Besso Insurance Group bought insurance and reinsurance broker HSB in Turkey and took a minority stake in Sterling Insurance in Australia.

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