PI insurance broker reports ‘fantastic’ growth year

One professional indemnity insurance broker recently reported a ‘fantastic’ growth year, due to sales of its professional liability insurance policies and its successful recruitment firm specialist policies.

Specialist broker Jelf posted substantial profit improvements recently, reporting that its business insurance sector, which is 62 per cent of the business it conducts, grew significantly.  Insurance chief executive officer for Jelf, Phil Barton, remarked that the firm has taken on four additional advisers in the professional indemnity insurance market, with one located in Bristol and the other three based in Manchester.

Jelf is focusing its efforts on media, design and construction, and renewables, professional indemnity insurance’s emerging markets.  Its three Manchester advisers are located in close proximity with Salford Quays’ MediaCityUK, Mr Barton also said.

Jelf will be concentrating on affinity schemes going forward, said the chief executive, remarking that new business is becoming harder and harder to win on the open market, due to the landscape becoming more and more cutthroat as every available broker in the industry fights hard for every inch of ground.  Jelf created a policy for recruitment firms with Hiscox, selling it to trade associations through affinity deals, with Mr Barton stating the broker will be concentrating on these affinity markets worth approximately 12 per cent of the insurance market but expanding rapidly.

Jelf is yet to mine the affinity schemes it already has in the short term, the chief executive said, adding that the broker is planning to recruit a team of affinity managers.  The number of managers the broker hires will be determined by the number of affinity partners Jelf signs up, Mr Barton added.

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