July 14, 2024

Polo Works follows up year of growth with new Cheltenham office | Insurance Business UK

One of the largest office spaces in the Southwest will house 300 staff

Polo Works follows up year of growth with new Cheltenham office

Insurance News

Mary Or

Polo Managing Agency and Polo Commercial Insurance Services – jointly doing business under the trading name Polo Works – have announced their move into a bigger, better office in Cheltenham following a year of growth, including an 18% increase in staff.

European P&C insurance services group Marco Capital Holdings first acquired Polo Works in May 2022, when it was then going by the brand name Capita. At the time, Polo Works consisted of 250 insurance specialists across its Cheltenham and London offices, but it has since evolved into a team of 300 employees in Cheltenham and 30 more in London, with backing of US$500 million in equity from global asset management firm Oaktree Capital Management. Polo Works has chosen business campus Grange Park, Bishops Cleeve in Gloucestershire to house all 300 of its Cheltenham-based staff.

“We acquired the Polo team from Capita in 2022 and this move is the first time this team has had its own space,” said Polo Works chief executive Paul Andrews. “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.”

The year 2023 has been a significant one for Polo Works. In January, it made strategic leadership changes with former Beachwood executive Andrews’ appointment as chief executive of the Polo Managing Agency and Polo Works. The group also named Richard Lawson (pictured top), former head of claims for Pro Global with three decades of senior-level industry experience behind him, the new chief executive of Polo Works’ insurance arm.

It now provides insurance services support to the Lloyd’s of London and London markets, including underwriting support, claims management, compliance, management accounting, and workflow management. As Polo Managing Agency is one of only two independent turn-key managing agencies at Lloyd’s of London, Polo Works also offers consultancy services for companies seeking access into the Lloyd’s market and the wider UK insurance industry.

Polo Managing Agency, meanwhile, continues to work with clients such as Wakam’s Syndicate 1347 and Marco Capital Holdings’ own reinsurance-to-close Syndicate 1254. It announced that it expected to manage up to six new companies by the year-end.

“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,” said Andrews. “We look forward to continued success and growth.”

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