Is it a golden age for broker start-ups, despite rising costs?
The CEO of Brokerring, Stuart Randall, recently told delegates at Broker Expo 2022 it can cost £250,000 to start-up a brokerage. Sophie Locke-Cooper explores why it is now so expensive - and whether it is proving detrimental to those seeking to go alone.
At Insurance Age’s Broker Expo this year, Brokerring CEO Stuart Randall warned that it could cost around a quarter of a million pounds to set up a broker from scratch and described AR networks as nurseries for new insurance brokers.
Speaking after the event he insisted that there are multiple factors as to why its has become so costly, including compliance, offices, staff, expertise, and having enough capital to make sure the company can survive for the first year or two.
Randall continued:
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