Specialist insurer seeks hundreds of new clients.
Endurance’s head of UK insurance, Andy Brooks, has said further diversification could be on the cards following this week’s announcement that the insurer is to move into construction, alongside its existing property portfolio.
Brooks added that he expected the insurer to win hundreds of new clients as a result of the development, for which it has taken on a number of new staff.
The specialist property and casualty insurer launched a specialist broker-only UK construction team this week, for medium to large construction projects, such as hospitals and road improvements.
He said: “There are not that many people in this type of sector so we’re certainly looking to share in that business. A lot of the business is shared around the London market, with multiple insurers sharing risk, but there is plenty of business to do.
“New clients will be potentially in the hundreds in the longer run, but that depends on the amount of activity that comes our way.”
Asked if Endurance would expand into other new lines, Brooks said: “If we find the right opportunity with the right profit potential then we’re very willing to look into that area.”
Endurance head of strategic development Jon Houghton added that branching out into new, specalised lines of business would be crucical for Endurance’s “strategy for growth and stability”.
He added: “We have developed a strong brand, an experienced specialty team and a reputation which positions us well to develop new products, backed by the global financial strength and underwriting capabilities of the entire Endurance operation.”
The new construction team will be led by Simon Challinor, who was previously head of construction and engineering underwriting at HDI Gerling UK.