The latest from Elmore Insurance Brokers, as they look back on a decade of growth;
Elmore Insurance Brokers Limited (Elmore) is celebrating 10 successful years of independent trading, international expansion and specialist technology-related product development this month.
CEO Simon Gilbert founded Elmore in 2015 when technology-led businesses were evolving faster than the conventional insurance market’s ability to understand and insure their risks.
The business has since grown, with no external funding or shareholders, from a UK cyber insurance specialist into an international Lloyd’s broker with UK, EU and Swiss operations. A 19-strong team operates in three European offices (London, Lisbon and Zug) and manages over 200 clients operating across 50 countries.
Elmore specialises in businesses driving technological change, particularly across financial services, fintech, payments, digital assets, AI, technology and information security. Elmore helps clients understand and manage complex and emerging risks, while arranging specialist insurance across financial, cyber, security, complex commercial, litigation, transaction and credit risks.
The company has also developed specialist solutions, including APP fraud reimbursement insurance for banks, payment service providers, e-money institutions and authorised payment institutions. Elmore’s services extend beyond insurance placement to risk reviews, claims advocacy and post-loss improvement.
Simon Gilbert, founder and CEO of Elmore, comments:
“When we launched, many of our client sectors were either niche, emerging or not yet properly understood by the insurance market,” said Gilbert. “We saw that these businesses needed specialist expertise and access to insurers capable of responding to unfamiliar risks.”
Elmore secured its UK Lloyd’s broking licence back in 2021, giving it direct access to specialist underwriting expertise within the Lloyd’s global marketplace. The business later became the first foreign insurance broker licensed by Lloyd’s in Portugal, enabling its European operation to access Lloyd’s Brussels capacity as an authorised broker.
“Becoming a Lloyd’s broker transformed our ability to support clients directly and also our broker partners looking for direct access to specialist markets,” continues Gilbert.
Elmore acts both as a retail and wholesale broker, enabling retail brokers to access its specialist expertise and insurance solutions for complex and emerging technology risks. It provides retail broking services directly to niche sectors where it can drive value and develop bespoke insurance.
“Our purpose is to make complex risks easier to understand and insure, by combining risk management, specialist market access and claims expertise. By doing that, we help brokers and businesses secure the protection that’s right for their needs,” Gilbert said.
Artificial intelligence is creating a new generation of risk as businesses develop AI, integrate it into their operations and become increasingly reliant on third-party AI platforms, while criminals use the same technology to make fraud and cyberattacks more sophisticated.
“AI is accelerating and creating the same challenges that Elmore was established to address. We are seeing again that innovation is moving faster than risk understanding and insurance provision. As we enter our second decade, we are more enthused than ever to support our customers, strengthen our international market relationships and develop specialist solutions for the new risks shaping our future. understanding risk enables businesses to venture further and grow and we very much see our role in this journey to give them the expertise and protection to do that with confidence,” concludes Gilbert.
Alongside its 10-year celebration, Elmore has also launched a new website and brand identity, which can be seen here: https://elmorebrokers.com/
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