The Scottish office of global insurance broking giant Lockton Companies is marking its fifth year in business with impressive figures that have exceeded the firm's expectations.
Lockton's Scottish operation, led by insurance industry specialist Gordon Duncan, is now writing up to £20 million of policies. It has offices in Edinburgh, Glasgow and Aberdeen.
In the financial year to 30 April, Lockton Corporate Scotland increased activity by 50% and £1 million of new business, winning around 100 new clients.
Lockton is the world's largest privately owned brokerage which is headquartered in Kansas City and employs around 6,000 people worldwide.
Duncan, a partner and head of corporate at the Scottish division, said: “There is an element of aggression on costs in the new business we are winning, but it is also a matter of the service proposition.
“We are practitioner-led and we strike a very good rapport and chemistry with key decision makers.
Duncan said the firm also undertakes a critique of a client's existing insurance and highlights gaps or uninsured risk exposure which could have a negative impact on the balance sheet.
He also said that in an industry where there was a significant churn factor, Lockton has achieved a 98% client retention rate and its new business conversion rate, he said, was 80%.
