Using Lloyd’s to expand brokerage business
Broker SJL Insurance Services, a regional UK broker, has received a “much sought-after” Lloyd’s accreditation and launched new offices in London as it looks to diversify and expand its business.
SJL, which was founded in 2001 by Simon Lancaster, has also formed a new London Market division to facilitate and drive growth in the UK and worldwide.
The firm has moved into a new City of London office, located in London’s financial district on Leadenhall Street. While the company’s headquarters will remain in Worcester, UK, and house all back-office functions, the firm wants to take advantage of a presence in the heart of the world’s leading insurance and financial marketplace.
“We are keen to expand the number of insurers/capacity providers on our panel and we are also keen to utilise the unique and diverse Lloyd’s market to further fuel our new development opportunities,” Lancaster told Baden-Baden Today.
SJL is particularly seeking growth in the UK property and liability lines, and it wants to gradually expand its international lines business. “We are keen to master walking before we start running,” Lancaster said.
The firm operates offices in Worcester and London but works all over the UK and globally. SJL started as a wholesale scheme broker and transacts business via a growing network of more than 1,000 independent insurance brokers and other partners nationwide.
In 2017, SJL has so far enjoyed rapid growth of 45 percent—well in excess of its targeted 30 percent growth. As a consequence, the broker has expanded its staff to more than 50 employees and is upscaling its distribution channels in the UK and overseas.
Lancaster said that growth is driven by the company’s proactive approach to its wide-ranging and ever-growing distribution network. The broker network places business into SJL, which is growing the number of third party introducers, account executives and clients.
In addition, Lancaster highlighted the entrepreneurial spirit and framework which gives the team opportunities to progress, free from the constraints imposed at larger corporations.
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