Broker designs bespoke policy for 10,000-member jewellers’ association.
Lloyd’s broker Besso has signed a five-year deal with the Istanbul Chamber of Jewellery (IKO) to become the recommended broker for its association.
The broker has designed a bespoke policy for the Turkish jewellers’ market to combine insurance, security and risk awareness and will target the IKO’s membership of 10,000 jewellers.
Besso, which has been operating in the Turkish market for a number of years, would not reveal how much the deal was worth, but Roddy Caxton-Spencer, managing director of Besso Group, said it would be a lucrative deal for its London market business.
“We expect that this niche product will produce a reasonable and profitable income stream into the London market,” he said.
“Turkey has a leading position as a global jewellery manufacturing centre, so entering the market is an important step for us.”
Colin Bird, chief executive of Besso Group, said: “Roddy and his team have worked extremely hard in Turkey and this exclusive five-year deal is the result.
“We have identified opportunities in other emerging markets around the world and we are very excited about the possibility of mirroring the model we are using in Turkey for global expansion.”
Alattin Kameroglu, president of the IKO, said: “Besso’s entry into Turkey is a sign that the jewellery market is maturing. Retailers are becoming more aware of the importance of insurance. Besso’s specialised services will definitely benefit the jewellery industry and we welcome the company’s presence in the country.”
* Patrick Snowball, chairman of Towergate Financial, has insisted there is no conflict of interest in his taking a non-executive director position at broker JLT.
Snowball said Peter Cullum, chairman of Towergate, had agreed there was no conflict of interest and he was “very happy” for him to take up the JLT post.
He said he would use his experience at Aviva to help him at JLT. Snowball was group executive director at Aviva for eight years before joining Towergate.
Separately, Towergate Financial has appointed Ian Darby, former chairman of John Charcol, as chief executive. Towergate said Darby’s marketing and regulatory experience would help the business grow and take advantage of current market opportunities.