Elmore, the specialist insurance intermediary for new risks, has become the first foreign insurance broker to be licensed in Portugal by Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk, and has moved to larger premises to support continued growth.
The new office, at Cascais on the Lisbon coast, will help Elmore consolidate its European business and increase its client base. The Lloyd’s licence means Elmore’s European operation can access Lloyd’s Brussels capacity as an authorised broker.
Commenting on the news, Francisco Monteiro, head of Elmore’s European operation, said: “We’re delighted to have received our EU Lloyd’s licence and look forward to continued growth from our new Lisbon HQ. We’ve grown 350% since our first year’s revenues and will increase our international team in 2023 by 50%. Our goal is to be the market leader in the EU for technology and fintech businesses.”
Financial lines are a key focus for Elmore’s EU team. Among other disciplines, the new EU office will cover professional liability, management liability, financial institutions insurance, fintech insurance, cyber and Web3 insurance. Cyber is a strong growth area for Elmore, not least because there have been several high-profile cyberattacks in Portugal recently, and the cyber threat is continually evolving. As a cyber specialist, Elmore is helping businesses across the EU to understand their risks, strengthen their defences through cyber awareness, and find appropriate insurance policies.
Fintech insurance is another fast-growing field for Elmore. “Specialists like Elmore must play a leading role in the digital economy,” said Simon Gilbert, Elmore’s Founder and MD. “With our new office in Lisbon and Lloyd’s EU licence, plus our strong collaboration with fintech partners such as Fintech House Portugal, Fintech Belgium and LHoFT Luxembourg, we can protect new business models across Europe and beyond.”
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Founded in 2015 by Simon Gilbert, Elmore specialises in new risks and emerging threats, particularly technology related, and has a wide range of clients of all sizes across industry verticals such as fintech, financial services, infosec, professional services, and technology. Elmore is an early pioneer of cyber insurance and is building an international business from its bases in London and Lisbon. See www.elmorebrokers.com.
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