New specialty broker Nardac targets expansion into European markets

Nardac, a recently launched specialty risk consulting, wholesale and reinsurance broker, plans to expand into Europe with London Market specialist Peter Draper joining its business as a final founding partner.

The specialty broker was launched in October by former GCube and Lockton executives, aiming to "disrupt" the traditional re/insurance marketplace with innovative and specialised solutions, and bridge the gap between asset investment and renewables.

Nardac is opening a new London office led by Draper, former international property director at AFL Insurance Brokers.

Draper will lead the business’s expansion into the European markets, building close relationships with London underwriting capital and working with risk managers, retail brokers, and reinsurers supporting new energy and infrastructure projects.

In his former role at AFL, Draper led the international property and energy division, placing operational property, power, renewable energy and mining risks into the Lloyd's, London Company and International Markets. Prior to joining AFL in 2019, he spent 13 years with United Insurance Brokers, with a remit to build commercial relationships with independent brokers in Latin America, Africa and Eastern Europe.

Jatin Sharma, managing partner of Nardac, commented: “Having somebody with Peter’s experience and expertise, honed over a successful career in insurance broking, joining us at Nardac is hugely valuable.

“Our ambition to disrupt the current provision of insurance broking services in renewable energy, power and infrastructure is only possible through leveraging the expertise of the unique team of partners we have bought together. We have no intention of letting the grass grow beneath our feet at Nardac, and driving innovative new insurance products, supported by leading consultancy, can only be delivered with a strong and creative team.”