Headquarters Address: Milburn House, Dean Street, Newcastle upon Tyne NE1 1PP, UK
Revenue: $27.74 million USD (according to 2018 report)
Size (employees): 200+
UK Locations: Berwick St Leonard, Edinburgh, Exeter, London, Marlborough, Newcastle, Newmarket, Norfolk, Oxford, Shropshire, Surrey, Sussex, Yorkshire
Underwriting Expertise: Farm and estate, commercial, home and personal, equine, renewables, and forestry and arboricultural insurance
Key People: CEO: Charles Foster
Lycetts offers financial products and services, risk management courses and services, and a wide range of insurance products for individuals and companies. Its insurance products are divided into four segments:
- Commercial insurance offers coverage for construction, education, family trustees, leisure, manufacturers and retailers, membership organisations, not-for-profit, professions, property investors, renewable energy, and SMEs.
- Equine insurance offers coverage for equine business, equine motor fleet, equine property, and horse insurance.
- Rural insurance provides coverage for crop shortfall, estate, farm, motor, rural business, and rural pursuits.
- Private client insurance offers coverage for buildings, contents, contract works and building work, family office, fine art, high-value motor cars, jewellery, listed property, overseas property, travel, wine, and marine.
Lycetts’s financial products comprise personal and corporate advice, investment advice, employee benefits, tax planning, life assurance, owner and essential person protection, and pension planning. Meanwhile, its financial services offer cash-flow forecasting, tax tables, model portfolios, cash investment, client log-in, corporate levels of service, personal levels of service, and fund fact sheets.
The company’s risk management courses and services include IOSH management courses, health and safety consultancy, health and safety training, and competent safety advice.
History of Lycetts
Michael Lycett founded Lycetts in Newcastle in 1961 with the help of Sir Ralph Carr-Ellison and Lloyd’s brokers Wright Deen.
Lycett aimed to create three divisions for the company’s various products and services. John Browne-Swinburne joined Lycetts in 1962 to establish a financial services department in the company, and Robin Douglass joined in 1970 to assist in commercial broking. The appointments led to the company’s name change to Lycett, Brownie-Swinburne, & Douglass Ltd.
In 1976, Brownie-Swinburne replaced Lycett as the managing director in the company. In 1994, the company changed its name to Lycetts and continued to grow organically. Edward Nicholl then replaced Brownie-Swinburne as the managing director in 1992 and chairman in 2002.
The company’s commercial division eventually expanded, adding a southern administrative and client management hub in Surrey and representation in various parts of the UK. The financial services team also added advisers in Edinburgh and London.
In 2003, Lycetts completed its first acquisition, that of animal trade insurance broker Cliverton, which operates as a separate division. The company acquired Woking-based Algarve Insurance Brokers Ltd in 2005, The Hydra Group in 2006, BASIC and Carroll Foley Lloyd Limited in 2008, and Farmers and Mercantile Insurance Brokers Ltd in 2011.
In 2018, Lycetts launched Lycetts DNA+, an anti-theft protection system for farming clients. It provides clear and irrefutable proof of ownership by using a water-based Lycetts DNA liquid that cannot be removed easily when dry. It also includes a warning sign for buildings and labels for machinery.
Leadership at Lycetts
Charles Foster – Lycetts
Foster joined Lycetts in 1991 and its board in 2013. He stepped up to the chief executive officer position in 2017 while running the company’s trading division. He also provides insurance advice to farmers, landowners, and private clients.
In 2003, he was involved in the acquisition of Cliverton and its integration as a trading division of the company.
Culture at Lycetts
Lycetts is committed to helping communities and supporting charities. It has created two initiatives to give people from rural communities an opportunity to succeed:
- Equine Excellence: Lycetts has partnered with the National Trainers Federation (NTF) award to encourage safe and effective employee management practices in the racing sector. The winner of the Lycetts Team Champion Award will receive a grant for infrastructure or equipment.
- Rural Distinction: Lycetts has partnered with the Royal Agricultural University (RAU) at Cirencester to launch a student scholarship opportunity totalling £2,500 each. The sponsorship will be awarded to RAU students undertaking an agreed research project at Lycetts in the summer.
Lycetts also supports the Percy Hedley Foundation and Tusk – supporting humans, animals, and the environment.
The Percy Hedley Foundation helps young people, children with disabilities, and adults to gain access to high-quality specialist and personalised care and education support. Each year, Lycetts helps the charity to support more than 1,000 families who are managing cerebral palsy and communication difficulties.
Tusk is an organisation committed to conserving African wildlife and campaigning against poaching. It has invested £25 million into wildlife protection, community development, and education programmes to support people and wildlife in Africa. Lycetts supported the organisation by raising more than £4,000 at the Hamish Mackie’s “Life in Bronze” exhibition, which showcased sculptures from Mackie’s trips in Africa, Australia, and India.