A new independent brokerage has launched with a target to write £5m in gross written premiums in its first year.
Founded by father and son, Richard and Domenico Davis, Octo Insurance Brokers is headquartered in Glasgow’s St Vincent Street.
28 year-old Domenico, who founded PropertyMarketIntel in 2021, has a background in data science, while Richard has more than 40 years’ experience in insurance broking.
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“Between 2006 and 2024, the number of brokers regulated by the FCA fell by 54%,“ said Richard. “As a result, we’re operating in a market increasingly dominated by large, consolidated brokerages where local client service is often sacrificed for scale.
“Client-centricity and relationship-building are key for Octo, and our aim is to provide the antidote to the faceless commercial insurance provision that has become the norm.”
Octo has recruited a team located across the UK and has plans to grow both its Glasgow and London offices, as well as its presence in other parts of the country.
Octo specialises in corporate insurance, surety bonds and building warranties across several industries including construction, manufacturing, leisure, private equity, public sector, property, technology, transport and automotive.
The launch of the brokerage is accompanied by the arrival of Octo Private Clients, an insurance broking service for high-net worth individuals with high-value assets to protect, from art and jewellery collections, to cars, luxury yachts and property portfolios.
Domenico added: “It’s an exciting time to be bringing Octo to market, we believe it is the future of insurance broking.
“We’re reviving the personalised service that previous generations valued and are pairing it with cutting-edge technology and data-driven insight.
“It’s this combination of human connection and smart solutions that allows us to deliver insurance that genuinely fits our clients’ needs.”
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