Insurance and reinsurance industry veteran David Price, formerly of Endeavour, has launched an independent, and employee-owned London Market broker called Fenchurch and Partners Ltd., an appointed representative of Bennett Gould & Partners (Dorset) Ltd.
The brokerage will have a specialist focus on U.S., Canadian, and European P&C lines of business, including catastrophe property, trucking, binding authorities, parametric covers, and accident and health.
It will operate a lean, legacy-free business model that leverages the latest cloud-based technologies to trade digitally with markets and clients.
Fenchurch will be an entirely paperless operation, with brokers able to log on anywhere in the world to enhance productivity and service.
“In a market dominated by mega-brokers, we saw a huge opportunity to set up a next-gen broker with a fresh approach that will appeal to top talent and clients alike. Our focus is on transactions only where we add value, such as ‘hard to place risks’, which are either capacity driven or require a unique, bespoke solution,” said Co-founder and Chief Executive Officer (CEO) Price.
“We are utilising an employee/partner model, increasingly common among London broking start-ups, to attract top talent looking for a fresh challenge and a big opportunity,” he continued. “At Fenchurch, we have a transparent remuneration plan, and every employee will be able to become a partner and purchase equity after a period of 12- to 18-months,” he added.
Fenchurch aims to shake up the marketplace, attract the best talent and utilise the latest technology to produce an improved level of customer service standards, with Price targeting year-one premium of £20 million.
Additionally, from inception the broker has pledged to return 10% of its profits to charitable projects.
At Endeavour, Price served as Divisional Director and produced a book of specialist business from the U.S., Canada, and Europe. Prior to this, he served as Beazley’s head of broker relations for London and Europe, and spent four years in the U.S. helping the firm with its distribution efforts.
Price is joined at Fenchurch by non-executive director and Co-founder Brett Lee, who has spent more than two decades in banking and derivatives at Deutsche Bank and Janus Capital. More recently, he held senior roles at HSBC in the UK and at Picket Asset Management.
Bennett Gould and Partners (Dorset) Ltd. is a wholly owned subsidiary of Bennett Gould & Partners Ltd., and is authorised and regulated by the Financial Conduct Authority under FCA number 310780.
Fenchurch states that Bennett Gould & Partners provides it with a Lloyd’s platform, while at the same time enables it to trade in the London market, Bermuda, and Europe.
