SCOTTISH broker, Central Insurance Services’ decision to expand operations in Glasgow is paying dividends, nine months after opening for business.
Regional director, Tom Aldridge, said his 12-strong team had exceeded targets for the first three-quarters of 2010.
From a standing start, the new group sales function has secured over £2.5 million of new gross written premium – boosting the company’s annual placement into the insurance market to more than £43 million this year.
Mr Aldridge said, while Central’s traditional customer base is energy and oil and gas-related, as a result of the company’s strong presence in Aberdeen, the Central Belt operation was concentrating on breaking in to new sectors.
The construction and timber industry remains a core focus for the group. In addition to this sector, Central has marked out tourism, charities, care services, commercial property and life sciences as the areas on which to build the business.
Mr Aldridge said: “I see these sectors as modern growth areas for Scottish business in the next decade – particularly tourism and life sciences.
“While commercial property has suffered more than others in the last few years, there will be shake out from the larger companies which went under and I think the new, smaller companies which will emerge will be looking for a reputable insurance partner such as Central.
“Charities and the care sector is a growing industry as we become an older and more dependable society. Both require particular insurance needs and we have set up our stall to see how we can help those working in both sectors.”
Mr Aldridge said Central would recruit specialist staff who has previous experience of the sectors being targeted and the company had already appointed Carol Ward from Oval who will focus on life sciences, along with Scott Campbell, formerly of Axa, who will drive the Commercial Property initiative.
Ambitious Central plan to double the number of staff based in Glasgow within three years and longer term they will have as many working in the Central Belt as in its Aberdeen headquarters, which currently numbers 65.
“We have got off to a cracking start and the Glasgow insurance market has showed a lot of interest in what we have to offer. We now need to build on that honeymoon period and make serious inroads into the sectors we have identified as having excellent potential to grow our business.”
Notes for editors
Central Insurance employs more than 80 staff and offers a range of business and commercial insurance services. Key sectors covered include: Energy and Engineering; Professional Services; Property Owners; Developers and Managers; Construction; Agriculture; Food and Fish Processing; Transport and Distribution; Plant Hire and Civil Engineering; Tourism, Leisure and Entertainment.
Other areas of expertise include: Offshore Insurance; Personal Insurance and Risk Management.
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Contact: Stephen Rafferty