Lloyd & Barnes – a new insurance brokerage offering a range of innovative and competitively priced insurance products – has set up in Cwmbran and is, with Welsh Government support, set to create more than 100 jobs.
The business is backed by £1million private finance, which is supported by £990,000 business finance from the Welsh Government to create 111 jobs over five years – sixty six of which will be created in the first year.
Economy Minister Edwina Hart said:” Welsh Government support for this project ensured it is based in Wales as London was an option under consideration. It is a welcome addition to the fast growing Financial and Professional Services sector in Wales and highlights once again that Wales is proving to be a highly competitive location for businesses in this sector.
“We have developed a compelling proposition for companies in this sector to make Wales the location of choice and are seeing businesses continuing to reinvest in Wales. This latest investment is set to create a significant number of new, well paid, skilled jobs and make an important contribution to the regionally economy.”
Lloyd & Barnes, which is based in Llantarnam Park, Cwmbran, is led by Andy Lloyd and Ortho Barnes, who are directors and investors and between them have extensive experience of the market.
Andy Lloyd was sales manager of US owned Combined Insurance and Ortho Barnes is chairman of Compass Underwriting, a leading independent provider of accident and health insurance products.
Ortho Barnes, Chairman of Lloyd & Barnes, commented: “Everyone at Lloyd & Barnes is very excited about the opportunity we’ve been given by the Welsh Government. The support we are receiving is helping us to build our business more quickly, and to create high value jobs throughout Wales.
The business-friendly environment we have experienced in Wales has been a breath of fresh air; I’m sure other developing companies will be attracted by the support and guidance that the Welsh Government provide.”
Lloyd & Barnes has already created ten new jobs and will be offering a number of new products in addition to Businessguard, a new all-in-one, low cost, commercial insurance policy for small businesses and sole traders across the UK and Rugbyguard targeting professional players.
The products have been developed by Compass Underwriting which has provided Lloyd & Barnes with exclusive distribution rights. Underwriting activity is provided by major insurer UK General Ltd.