Independent broker HW Wood is aiming to double the revenue of its UK retail business in the next three years and has revealed potential plans for a new regional UK office.
The multi-niche Lloyd’s broker, which operates in nine countries, has already seen its UK business double in size in the past four years – growth it says has been purely based on recommendations.
It is now focusing on further growth in the UK which will be underpinned by strategic hires and investment.
The company currently places around US $500 million (£375 million) into the market annually and is aiming to double its client base from 2,000 to 4,000. Since January, it has hired eight new people in its London office and is planning to double head count from 30 to 60 by 2021, says Steven Redgwell, board director and head of UK retail.
“We’ve added more than 20% to our UK staff… That’s really us looking to get ahead of growth,” Redgwell told Insurance Business.
“Over the rest of this year, we’re looking to continue to invest in great people, and we’re looking to increase our footprint in the UK by looking to open up another location.”
That opening would likely be in the North of the country, where the business already has some clients, Redgwell said.
“That then gives us further reach across the country. One of the important things is that we’re close to our clients – if our clients need us, we need to be there,” he said.
Still wholly-owned by its founder, Hugh W Wood, the broker is able to benefit from its status as an independent firm in a market that is seeing mass consolidation, according to Redgwell.
He added: “We’re a broker that doesn’t commoditise insurance. We’re very down to earth in how we operate. We’re not driven by the stock market or external investors, which means we can actually focus on our people, and getting them in the right place so that they can concentrate on servicing their clients and helping their clients to understand the risks facing their business, so that they can protect their business from losses.”
