Start-up broker to focus on professional indemnity and plans London and North offices
Startup broker Ntegrity has opened for business in Bristol – and announced plans to build a brokerage of £10m.
Ntegrity, the creation of three former Alexander Forbes directors, will specialise in professional indemnity (PI) and commercial lines.
The company will open offices in London and the North within 18 months, and will announce a series of high profile appointments, which includes key staff from national brokers.
Despite the growing presence of Bristol-based Jelf in the South West, Ntegrity managing director Gary Horswell insisted that small size and claims handling facilities of the company would allow it to remain competitive.
“There is currently a proliferation of larger brokerage firms, particularly within the PI market, which purely because of their size are not able to build effective one-to-one relationships with their clients.
“Insurers like to have the opportunity to work with a broker who can’t bully them.”
Jelf recently added £35m premium income to its business with the purchase of Bristol PI specialist, Lampier & Son. Jelf claims to control around 20% of the South West market.
Despite this, Horswell said Ntegrity would focus on accountants’ PI, and would also look to carve out business in the construction market. He conceded that the more price driven solicitor’s PI market would represent more of a challenge.
He added: “In terms of client focus, accountancy is a more traditional industry, which will play well to our highly serviced approach.
“I can honestly say the service levels are not a patch on the regionals. The internal focus detracts from client dealings.
“The local broker scene in Bristol has changed. It is hard now to think of local independents. We’re hoping to change that.”
Jelf chief executive Alex Alway has said that the company would continue to acquire brokers in the South West over the next three years.
Ntegrity’s commercial business, meanwhile, would focus on employers’ liability and professional lines, including cargo and marine, where there was considerable opportunity for growth, Horswell said.
On the target brokerage that would place the company on the cusp on the top 50 brokers in the UK, Horswell added: “We are well aware of the ambitions of the target.”