Elmore Insurance Brokers marks tenth year in business

Elmore Insurance Brokers has marked its tenth year in business, a milestone that follows a decade of international expansion and product development.

The London-based firm was founded in 2015 by Chief Executive Officer Simon Gilbert as a specialist broker focused on technology-related risks. Since then, it has grown from a UK cyber insurance specialist into a Lloyd's broker with operations in the UK and EU, alongside Swiss regulatory authorisation.

Elmore employs 19 staff across offices in London, Lisbon and Zug, and manages almost 200 clients operating in 50 countries.

The broker focuses on sectors including fintech, payments, challenger banking, embedded finance, blockchain, digital assets, technology and information security. Its work includes arranging cyber, crime, professional indemnity, management liability and financial risk cover.

It has also developed specialist insurance products, including authorised push payment fraud reimbursement cover for banks, payment service providers, e-money institutions and authorised payment institutions.

Market access

A key step in the company's expansion came with its UK Lloyd's broking licence in 2021, giving it direct access to underwriting in the Lloyd's market.

It later became the first foreign insurance broker licensed by Lloyd's in Portugal, allowing its European operation to access Lloyd's Brussels capacity as an authorised broker. Alongside direct work with companies, Elmore also acts as a wholesale broker, giving retail brokers access to specialist insurance markets for more complex technology-related risks.

Its services extend beyond insurance placement to include risk reviews, claims advocacy and post-loss improvement work. That broader model reflects the demands of clients in sectors where business models and risk exposures often evolve faster than conventional insurance products.

Gilbert said the business was set up to address a gap in the market for emerging sectors that were not well understood by insurers.

"When we launched, many of our client sectors were either niche, emerging or not yet properly understood by the insurance market," said Simon Gilbert, Founder and Chief Executive Officer of Elmore Insurance Brokers.

"We saw that these businesses needed specialist expertise and access to markets capable of responding to unfamiliar risks," Gilbert said.

Growth model

Elmore has expanded without external funding or shareholders, making it unusual in a specialist broking market where consolidation and private investment have become common routes to scale.

The group serves clients directly, from start-ups and scale-ups to multinational companies, while also supporting brokers seeking access to specialist cover. Its model reflects the growing overlap between insurance distribution, risk advisory work and claims support in specialist lines.

Gilbert linked the business's development to gaining Lloyd's access and to its ability to support broker partners as well as end clients.

"Becoming a Lloyd's broker transformed our ability to support clients directly and also our broker partners looking for direct access to specialist markets," Gilbert said.

The firm's focus areas align with parts of the financial and technology economy facing closer scrutiny over cyber exposure, fraud risks and liability concerns. Payment businesses, digital asset firms and technology providers face a more complex risk landscape as regulatory demands and criminal threats increase.

AI risks

Artificial intelligence is emerging as the next major challenge for clients, both for businesses building AI tools and for those adopting third-party systems in their operations. Elmore also pointed to criminals' use of AI to make fraud and cyber attacks more sophisticated.

That trend is likely to shape demand for specialist insurance advice and tailored cover in the same way cyber risks did for earlier generations of technology businesses. Brokers focused on financial technology and digital infrastructure are increasingly dealing with exposures spanning operational resilience, third-party dependency and crime.

Gilbert said the original rationale for the business still applies as new technologies reshape risk faster than insurance markets adapt.

"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.

"AI is accelerating and creating the same challenges that Elmore was established to address - innovation is moving faster than risk understanding and insurance provision. As we enter our second decade, we will continue to support our customers and broker partners, strengthen our international market relationships and develop specialist solutions for the risks shaping the digital economy. Managing risk enables businesses to venture further and grow, and we see our role in that journey as giving them the expertise and protection to do so with confidence," Gilbert said.