Markham is proud to celebrate its 5th birthday. The business has come quite a way for the two old friends who said they would go into business when they hit 40 and set the company up in 2012.
Now both 44, Giles Greenfield who previously ran Greenfield Risk Services a Private Client insurance broker and Giles Hutson previously a Director at Bank of America Merrill Lynch set out with a simple plan: build a niche specialist insurance brokerage and MGA. It’s been quite a journey and like any business, the plan has altered and adapted when the opportunities have arisen.
Markham now controls premiums in excess of £8,000,000 through their two core businesses Markham Private Clients (HNW business) and Markham Special Risks (Kidnap and Ransom business) and has a multi-lingual team of 14 based out of their Cambridge office.
It’s a long way from when they started out with no clients and no team – but an understanding and belief that Markham could add value to the operation, distribution and sale of insurance products for selected partners still holds firm. Underwriting in-house has helped the business grow and control the service levels to brokers.
Initially working with AIG Private Client Group, the company then expanded its offering with AIG to include Kidnap and Ransom. The company now looks after over 300 brokers globally.
Giles Greenfield, Co-CEO says: ‘The last couple of years have seen us build out our own Markham Private Client products that sit alongside our partners’ offerings – this has been a hugely exciting journey. Having been an independent broker in my old life, we have a very good understanding of what our brokers want – whatever the product – it revolves around service’
Giles Hutson, Co-CEO came from an Investment Banking background and could see areas of the insurance sector that were out of kilter with the wider financial services market. He comments: ‘coming into the industry as an outsider has given me a different perspective – I see the industry through a different lens and always ask the question – ‘why do it that way?’.
5 years into the business, the two friends now have an excellent team behind them and are looking forward to what the business will look like when they hit 50!