’The market is returning to its pre-Covid days and we are seeing people returning to the market,’ says executive director
Verlingue London Market is looking to recruit additional staff as demand increases.
That was according to Barry Reynolds, executive director at the broker, who told Insurance Times that the London market was “returning to its pre-Covid days”.
He made the comment after figures sent to Insurance Times showed footfall increased at Lloyd’s of London during the first six months of 2024.
Data showed the number of underwriters entering the building increased by 17% compared to the first half of 2023, while broker headcount rose 22% during the same period.
The rise came after Lloyd’s refurbished its underwriting room during the summer of 2023.
And as footfall increases, Verlingue London Market has seen an influx of business from a number of trades around the property and marine sector, causing demand to rise and the need for more staff.
Reynolds said: “The market is returning to its pre-Covid days. We are seeing people returning to the market.
“The ability to transact businesses face-to-face remains so important for the London market.
“Lloyd’s has reopened the first floor and there is a very good vibe that hasn’t been in the market since before Covid.
“Having been through a period where face-to-face interaction was prohibited, it is clear that for those in the London market the results are better when business is face-to-face.
“Lloyd’s has always been about entrepreneurs and finding innovative solutions to complex and sometimes unique risks. That has to be done face-to-face.”
Growth plans
Reynolds also spoke about the broker’s growth plans, with him noting that the international business will be the mainstay.
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He said: “We are not losing focus on the UK business, which has been growing and has been driven by some strong and good new business.
“At renewal, we are looking at our wider group business and whether there is an opportunity for London. It would be new business to the Lloyd’s market.”
He added that the “core for success is all about service standards and the delivery of those standards”.
“Communication is also so important in today’s market. It is about how we communicate with people,” he said.
“It cannot be simply by email, it remains face-to-face or by phone. We need to ensure that thew clients know we know their business and that we are ready and willing to discuss their risks and how we can work with them to find solutions.”
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