Broadway Insurance Brokers’ corporate and private assets double in value

Broadway Insurance Brokers’ corporate and private assets have doubled in value to more than £2bn in less than a year.

In a statement released earlier this week (15 May 2023), the business said it came after its decision to focus on high calibre appointments was vindicated by “dramatic growth”.

As a result, chief executive Daniel Lloyd-John has also forecast more than £10m in gross written premiums (GWP) during the current financial year.

“[This confirms] it as the largest high-net-worth (HNW) specialist outside of London,” the statement said.

Broadway’s private client and commercial divisions will also double their workload during 2023.

Lloyd-John added: “The progress which we have been able to make has far outstripped our expectations – something due, in no small part, to the talent and experience of colleagues who we have been brought on board.

“That is not simply my understanding, but the feedback which we have from private and commercial clients.”

Service

Broadway launched in the early months of the pandemic in 2020, aiming to improve private and commercial risk management for HNW individuals.

Many of Broadway’s corporate clients are companies in a diverse range of sectors and turn over in excess of £250m.

However, Lloyd-John described that there had been a “substantial” rise in even larger businesses in recent months, including those with operations outside the UK.

Lloyd-John put this down to several strategic partnerships and a change in corporate attitudes to risk management since the pandemic.

“Being recognised by clients overseas for our ability to handle important, complex and challenging projects is an essential part of our development,” he added.

“Equally, it’s apparent that we’re witnessing a shift in how companies work with their professional advisors since 2020.

“Many of those businesses which survived the pandemic appreciate that they have come through something of an existential threat and aren’t interested in having almost off-the-peg service.

“They want a more tailored, boutique experience of the sort which we provide.”

Client book

Meanwhile, Broadway said its client book increased by more than 50% since the start of its current financial year.

Lloyd-John explained that the firm had seen an “evolution” in business clients, as well as a marked increase in the number of larger corporate and international clients.

“They know that in an industry which depends to a great degree on relationships and trust, our strongest asset is the people we have in our team,” he added.

“It has proven to be a ‘win-win’, in the sense that it has not only allowed us to attract and retain ever larger clients who have seen what we can do for others and feel fully confident in having us advise them too.

“Many ambitious brokers working elsewhere have also noticed the impact we are making – they recognise that the Broadway culture is distinct from anything else around and want to be part of it.

“As a result, we will be making further strategic appointments in the months to come.

”Our concentration, though, will remain on only recruiting people who can enhance the quality of support which we can offer clients.”