A fast-growing insurance services provider with over 300 staff has opened a new office in Cheltenham.
PoloWorks, which provides insurance services support to Lloyd’s of London and London markets, moved into new offices in the multi-million pound Grange Park business campus in June 2023.
Owned by Birmingham-based Wesleyan, Grange Park totals 185,000 sq ft and is described as a ‘people first mixed-use campus’ set within 14 acres of parkland just off the A435 in Bishops Cleeve.
PoloWorks’ new premises at the development is one of the largest in the south west and houses a 300-strong staff team, with an additional 30 members of staff based at its London office.
The company was established in May 2022, when Capita was acquired by Marco Capital Holdings and subsequently rebranded, bringing Polo Managing Agency and Polo Commercial Insurance Services all under the banner of PoloWorks. It also received a $500 million equity investment from Oaktree Capital Management.
PMA works with a multitude of clients, including Wakam’s Syndicate 1347 and Marco Capital Holdings’ reinsurance-to-close Syndicate 1254, with an anticipated six new companies set to come under its management by the end of 2023; while PCIS provides the servicing for PMA and Marco Capital Holdings, including underwriting support, claims services, risk capture, audit advisory and business process outsourcing processes.
PoloWorks has experienced significant growth over the last 12 months, growing staff numbers by 18 per cent. It has also undergone strategic leadership changes, appointing ex-Beachwood executive Paul Andrews as Chief Executive of PoloWorks and Polo Managing Agency, as well as former global head of claims at Pro Global, Richard Lawson, as the new chief executive officer of Polo Commercial Insurance Services.
Andrews, said: ‘We acquired the Polo team from Capita in 2022 and this move is the first time this team has
had its own space.
‘The office is fitted out to a high specification and it
reinforces the quality brand Polo is becoming. It is important our workspace is reflective of
our aspirations. We are excited to be moving to a new space in Grange Park.
‘As we build high value services delivered by talented, experienced teams, along with the
continued commercial and financial support from Marco, we are predicting a successful start
to our second year in business as rebranded Polo. We look forward to continued success