Elmore Insurance Brokers has launched a new website and brand identity to mark its 10th year since founding. The company also confirmed that it now operates across three European offices, namely in London, Lisbon and Zug, employing 19 staffers who manage more than 200 clients across 50 countries.
Simon Gilbert founded Elmore in 2015 after working at Howden since 2011, where he had developed cyber and reputational harm products. The company has grown without external funding or outside shareholders, expanding from a UK cyber insurance specialist into an international Lloyd's broker with UK, EU and Swiss operations.
Elmore specialises in insurance for businesses driving technological change, including financial services, fintech, payments, digital assets, AI and information security firms. It arranges cover across financial, cyber, security, commercial, litigation, transaction and credit lines, and also offers risk reviews, claims advocacy and post-loss support alongside standard placement.
The firm secured a UK Lloyd's broking licence in 2021, the same year it received a Queen's Award for Enterprise in International Trade. It later became the first foreign insurance broker licensed by Lloyd's in Portugal, giving its European arm access to Lloyd's Brussels capacity. It operates as both a retail and wholesale broker, placing business directly with niche clients while also giving other retail brokers access to its specialist market relationships.
One of Elmore's specialist products is APP fraud reimbursement insurance, aimed at banks, payment service providers, e-money institutions and authorised payment institutions.
This addresses a cost that became mandatory for UK payment firms in October 2024, when the Payment Systems Regulator's reimbursement scheme began requiring banks and payment providers to compensate authorised push payment fraud victims up to £85,000 per claim, split between the sending and receiving institution.
Insurance Business UK has reported that this cost is driving demand for insurance products covering social engineering, phishing and APP fraud more broadly, though policy wording around what actually counts as recoverable fraud remains contested across the market, an issue Elmore's product would need to navigate as much as any other insurer or broker operating in this space.
Gilbert said AI is now creating a similar dynamic to the one that prompted Elmore's founding: businesses adopting AI faster than the insurance market can price the resulting risk, while the same technology makes fraud and cyberattacks more sophisticated.
Elmore's product history is a reasonably direct test of its founding premise, that emerging technology outpaces insurance market understanding, since each major addition (cyber, fintech, and now APP fraud reimbursement) has tracked a genuine, verifiable gap rather than a speculative one.
Whether the same holds for AI-specific products remains to be seen, and is a claim the company itself is making about its own future direction rather than one that can yet be checked against results.
