Successful Businessman

EXPANDING insurance broker Protectagroup is looking for further growth in the coming year as it enters the final stages of integrating its latest acquisitions.

The Cardiff firm is in the final stage of a £150,000 computer link-up that will see four businesses merged into one, making it one of the largest independent insurance brokers in Wales.

Work on blending the IT systems of the former Hodge insurance brokers, Culver insurance brokers and Towergate Risk Services business with the parent company Protectagroup is being finalised.

Once completed it will create what it describes as the “biggest corporate broking and risk management company in Wales”.

The firm is also linking the businesses with its spin-off operation which provides specialist insurance cover for high net worth individuals.

Headed by John Powell, who ran Culver Insurance for 14 years before it was taken over by Protectagroup last year, the four-strong senior management team has more than 13 decades of experience in the insurance industry.

The company has an expected turnover of £22m for this year and is targeting global expansion.

Protectagroup says it provides insurance cover to clients ranging from small businesses in the South Wales Valleys to international conglomerates in China, Russia and the United States.

Its biggest client pays annual premiums of around £2m, with complex policies covering the threats of terrorism and the risk of intervention by a foreign government in taking control of the company and its assets.

Managing director Mr Powell said: “Being able to bring all four businesses together with the merging of the individual computer systems is going to make a huge difference to our company.

“It will be the final piece in the acquisition jigsaw that began 18 months ago and has seen the uniting of four of the best-known names in the industry in Wales.

“It will also leave us well-placed to seek further acquisitions going forward and increase staff numbers as our client base continues to grow.

“The merger of all four companies has also created a level of excellence and experience in Protectagroup that is not only of great benefit to our existing clients, but has huge potential value for our prospective clients, too.”

Protectagroup provides a total of more than £1bn-worth of cover to its 3,314-strong portfolio of clients, which includes the chemical giant Purolite, Glamorgan County Cricket Club, Pure Wafer, Cardiff Blues and the National Eisteddfod of Wales.

One of the fastest-growing elements of the Protectagroup business is its private client insurance service.

Originally aimed at the directors and the senior management of existing corporate clients, it has now been extended to include TV, sporting, music and other entertainment stars across Wales and the rest of the UK, as well as the chief executives of a number of international corporations.

Mr Powell said: “This service is for individuals buying cover at the top end of the market, people who might own up to 10 cars and have a property that contains very high-value contents.

“This is not just about providing insurance policies that suit these individuals’ needs, but includes detailed advice on security issues as well as a photographic inventory of all high net worth items in their possession.

“We have around 500 clients making use of this service and while they could be spending anything up to £20,000 in annual premiums, they are being supplied with bespoke insurance cover designed to respond to the special lifestyles they lead.”

Established in 1991, Protectagroup has its headquarters in Cardiff Bay where the 42 staff are led by a senior management team which also includes deputy managing director Tim Rees, managing director property investors division George Wigley, and corporate director Robert Lewis.