Broadway Insurance Brokers is ‘flying’ following new strategy launch

Cheshire-based high net worth (HNW) and private client focused broker Broadway Insurance Brokers is “flying” following the launch of its One Broadway strategy in January 2024, according to Daniel Lloyd-John, the business’ founder and chief executive.

Speaking exclusively to Insurance Times, Lloyd-John explained that his One Broadway strategy is centred around the broker’s growth, while also seeking to challenge the status quo across the lines it specialises in.

He aims to achieve this by focusing Broadway’s broking approach on ”a single, consolidated and more efficient strategy” that is designed to benefit ”UK entrepreneurs and mid-market or corporate organisations”. 

Areas the broker is homing in on, therefore, include corporate or commercial insurance, group healthcare and occupational wellbeing, group trade credit and private clients. It has also added private medical insurance to its offering.

“We are looking to progressively shift marketplace dynamics,” Lloyd-John said.

“This year, we aim to refine the way that we engage with clients and, as they have grown, so too has our ability to cope with ever more complex requirements and the [associated] volume of work.”

For Lloyd-John, implementing a strategic shift has “supercharged” Broadway’s business.

Building on 2023

Broadway initially launched in January 2021, amid the Covid-19 pandemic.

The organisation has recorded impressive growth in the three years it has been operational. Lloyd-John noted that the broker is on track to achieve £12.5m gross written premium for 2024, marking a 40% increase on 2023.

The broker currently handles around £2bn worth of personal and business assets for its clients.

Supporting this growth is an increased headcount too. For example, Lloyd-John appointed Gary Ward – deputy chairman of trade body Biba’s Greater Manchester and West Pennine regional committee – as the broker’s director of operations and compliance in July 2023.

Lloyd-John explained that Broadway strives “to change insurance broking for good”.

In 2023, this meant looking to “reinforce [our] position as one the leading brokers for HNW, private clients and entrepreneurs in the north of England”, Lloyd-John said.

He continued: “When we launched, we were convinced of the importance of being regarded as specialists – delivering a service which was far more attuned to the needs of our clients than they might have found elsewhere and employing individuals who we felt were a perfect fit.

“Last year really saw us cement our position as one of the leading brokers for HNW, private clients and entrepreneurs outside London.

“We [have] seen exponential growth in new instructions and – importantly – are retaining our existing clients too. We really are flying.

“Key to that is hiring individuals who are specialists in the different aspects of risk management, rather than simply having people who present themselves as having all-round knowledge.”