The broker has also helped to settle £13m in Covid-19 business interruption claims
Leeds-based independent broker Romero Group has grown its income by 14.3% in the 12 months to April 2021, despite the hard market and economic conditions, according to its year-end financial results, published this month (February 2022).
Its group earnings before interest, taxes, depreciation and amortisation (Ebitda) was up by 28% in 2021, reaching more than £6.1m. Pre-tax profit, meanwhile, grew by 33% over the reporting period.
Romero’s group chief executive Justin Romero-Trigo said: “The people at the heart of our business have always been the most important thing to me as we’ve grown.
”I’m so glad we’ve been able to invest in them thanks to our continued, truly independent growth, giving them the resources and environment to carry on delivering the success they’ve achieved thus far.
People investments at Romero include chief commercial officer Paul Judge and broking director Richard Towler, who both joined the group from Aon in late 2020.
The pair have years of combined experience, which has supported the delivery of the broker’s financial success last year.
This investment in experienced talent will continue in 2022, with the appointments of Charlie Wenborn and Chris Robinson.
Account director Wenborn joins from Marsh and JLT, bringing a wealth of experience and strong relationships from across the Leeds and Manchester markets.
Robinson, meanwhile, will take on a management consultancy role, to help support the business’ ambitious growth plan to become the number one independent UK insurance broker.
He has previously worked at NFU, NIG, Provincial and Farley Insurance.
BI claims settled
Romero Group - which is approaching its 25th anniversary - also reported a strong 2021 performance for Club Insure, its specialist leisure and hospitality division.
Despite this demographic being heavily affected by the Covid-19 pandemic restrictions, Club Insure increased its Ebitda by 21% in the 12 months to April 2021 - the broker attributed this to its niche specialism and industry partnerships.
The organisation additionally confirmed that it had helped settle more than £13m for Covid-19-linked business interruption (BI) claims for eligible clients.
During the pandemic, Romero Group worked alongside the FCA and legal counsel on behalf of its policyholders.
Simon Mabb, Romero’s group managing director, said: “We’ve achieved great things in the last 12 months and I’m really proud of everyone involved in delivering this success.
”We’ve long attributed our growth to delivering exceptional service and after seeing a void of broker service in the market thanks to consolidation, buyouts and cost cutting, our organic, self-resourced growth has allowed us to step up and fill that void.
“[This gives] us the freedom to continue doing what’s best for our clients and staff, in turn delivering natural growth and progression from a committed team.”
Lloyd Pinder House
In the last financial year, Romero Group has also doubled the size of its Leeds headquarters, opening its Lloyd Pinder House building, which is named after the firm’s late associate director who passed away from prostate cancer last October.
Romero-Trigo added: “On a personal note, I’m so proud to be able to honour the friend and colleague we lost in 2020 in the naming of our new premises.
“Pinder was a towering figure within our business and I’m glad we can continue to keep his memory alive for the people who worked so closely alongside him.”
No comments yet