Broker JLT’s Brexit boss: Europe offers us a world of opportunity

Europe will be a “land of opportunity” for insurance broker JLT post-Brexit as it spends more in the region due to the loss of passporting rights.

Chief executive Dominic Burke plans to beef up operations in Europe and do more deals similar to the takeover of Belgian-based broker Belgibo last year.

He said: “I don’t think we have got the right market share in Europe because we’ve relied in the past on passporting. We’ve not had the necessity to make investment in our continental European operation. When you employ more Germans in your Hong Kong operation than you do in Germany, you realise you’ve probably not got it right.”

Burke, a Brexit supporter, said “very positive things” would come out Brexit for the firm, the only multinational insurance broker to be based in London. “We don’t see Brexit as disturbing our ability to service our existing clients. What we do see is an opportunity.”

Revenues were up 10% at £1.4 billion and underlying profits were up 11% at £191.5 million.