UK chartered insurance broker Verlingue has created a dedicated media practice, a move corresponding with plans to expand the firm’s presence in the fast-growing independent media sector.
The media team will be headed by Verlingue client director Maia Olesen (pictured above) and will focus on independent advertising agencies and production companies, in addition to associated event, post-production, music, editing, marketing, digital planning and public relations businesses. Coverage provided by the media practice will include professional indemnity, cyber liability, employers and public liability, along with more specialist options like cancellation and contingency.
The move is also part of Verlingue’s overall strategy to provide total solutions for mid to large corporate businesses across a range of specialist sectors, encompassing general insurance, trade credit, employee benefits, risk management and claims services and solutions. The practice will be based in Redhill as part of Verlingue’s growing network of offices, which includes Manchester, Egham and London, employing over 170 employees.
“Media is a growing market, and one that has proved over the years to be fairly recession-proof, as marketing remains central to most brands growth strategies despite economic uncertainty. The sector is also constantly evolving and expanding into new digital areas – and has moved on from the days when it was just billboards, newspapers, TV and radio,” Verlingue client director Maia Olesen said.
Olesen said that the risk and complexity that media businesses face are also increasing as they receive more complex contracts and more daring film shoots and events. A complex maze around permissions, licenses and permits for the use of music and images adds up to increased propensity for legal action if these are not in order.
“Regulators and overseeing authorities are also coming down harder on influencers, highlighting the need for expert guidance and support when promoting products,” Olesen said. “The onus on influencers’ responsibilities, as they have real power to influence purchasing behaviour, is only going to increase, particularly when it comes to products targeting children.”
Verlingue Group CEO Mike Latham also stressed the importance of the firm’s expanded presence in the media sector as a key part of its growth strategy, noting that Olesen and her team have over 35 years of experience within the specialist market.
“Our focus on this sector will mirror that of all the sectors where we have a strong presence, and that is to provide our clients with holistic risk management advice, to develop targeted and relevant insurance cover, and to deliver a high quality, personal and tailored service,” he said.
As part of its growth and expansion, the firm also recently acquired insurance broker Cabinet Depeyre and underwriting agency Depeyre Solutions.
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