One of Wales’ leading insurance brokers Creative Risk Solutions has announced record growth in its media department, which it reports is down to the growing number of production companies coming to Wales.
As the only specialist media broker in Wales, Cardiff-based Creative Risk Solutions has seen its dedicated unit grow by 30 per cent year on year, now boasting an impressive 95 per cent of the market share.
Since starting its media department in 2008, Creative Risk Solutions has sourced insurance for one off productions with values of £10,000 up to major dramas and documentaries with budgets in excess of £3m.
With clients such as Rondo Media, Boomerang Plus plc and Three Stones Media whose programmes are commissioned by S4C, C4 and BBC. Creative Risk Solutions has arranged insurance for well known productions including Rastamouse, Indian Doctor and Wallis Simpson: The Secret Letters, Rownd a Rownd and Boomerang’s children and young adult series Stwnsh and Cyw.
Jan Wilkins, Managing Director of Creative Risk Solutions, commented; “Our past experience of working for Global brokers who are focused on the media sector, has provided myself and my team with a wealth expertise within the industry. This in turn has enabled us to provide insurance to film crews all over the world.
“As an organisation we’re passionate about building a relationship with our clients and helping them in the production of some fabulous commissions which are now being produced here in Wales. Plus, with the BBC’s new purpose built studio facility in Cardiff, the city is becoming a popular destination for new and exciting TV dramas, such as Doctor Who and Casualty, and it will continue to attract more productions into Wales.
“As such we have had to tailor our business model to support the growth in this field as there are more and more start up production companies setting up in Wales who are securing increasing revenues from this. Due to the very complex nature of producing plays and TV productions, the requirements for insurance are extremely specialist and require an in-depth understanding of production organisations’ business model.
“Leveraging our employees combined experience of over 75 years in the TV and film sector has meant that we’ve been able to target this market and enable us to work with over 30 companies based in Wales and London.”
Alwyn Davies, Financial Director of Rondo Media, the production company behind the award winning drama ‘The Indian Doctor’ series, commented: “We have worked alongside some of the country’s largest brokers, but I’ve always been impressed with Creative Risk Solutions’ in-depth knowledge and expertise within our sector; something that’s very rare for organisations outside of the South East and London to have. They have ensured that all our organisation’s ‘’ production needs are met, with a personal touch. Furthermore, they are well known within our industry as a reputable firm which is able to competitively compete against these larger firms not only in the services it offers but also in premiums.”