Business & Economy
Gallagher wins multi-year appointment as insurance broker for Durham-based Atom bank
February 14, 2022
Insurance brokerage, risk management and consulting firm Gallagher has been appointed by Durham-headquartered firm Atom bank to provide the business with insurance and risk management advice as it targets further growth.
Employing more than 450 people at its Aykley Heads-based headquarters, Atom bank was founded in 2014 as the UK’s first entirely app-based bank. It offers a range of personal and business banking products, including savings accounts, mortgages and business loans.
Gallagher was appointed as a result of its extensive expertise in supporting financial services companies with their risk management and insurance needs, as well as being able to demonstrate a clear understanding of Atom bank’s business objectives, and how it could support the bank with the risks it faces as it grows and potentially undertakes an IPO.
Gallagher employs over 40 risk and insurance specialists in its Newcastle office and looks after a wide range of businesses in the North East and beyond, from SMEs through to large corporates.
Andrew Morton, Sales Director, Gallagher’s Newcastle office commented:
“The way we manage our money has changed considerably over the past decade, underpinned by rapid advances in technology. Innovative fintechs, such as Atom bank, have led the way in transforming modern-day banking by enabling personal and business customers to handle their finances at the click of a button.
“However, as the UK fintech sector grows, so do the risks faced by businesses who operate within the industry – including technology failures, cyber-attacks and data breaches. It is therefore vital for firms to have appropriate insurance in place, tailored to their specific requirements, to provide them with the peace of mind they need to focus on running their business and to enable them to innovate at speed and scale.
“We are delighted to be working with a successful and ambitious North East-headquartered business which is based locally to our own Newcastle office, though serves a broad customer base across the UK, and look forward to being part of Atom bank’s growth journey.”
Laura Farnworth, General Counsel and Company Secretary, Atom bank said:
“We were looking to partner with an insurance broker with demonstrable fintech sector expertise which could help advise us on the right types of insurance and risk management solutions we needed, as a firm targeting ambitious growth in a fast evolving sector. From day one, we were impressed with Gallagher’s understanding of the risks we face now and how they might change as we move onto the next stage of our expansion.
“We believe we have the best of both worlds in Gallagher as our partner as it is one of the world’s largest brokers, meaning it can access a wide range of risk management and insurance solutions, but is also committed to a local presence in the North East, where we are headquartered.”