My career to date has spanned both the insurance and financial services sectors and includes 13 years in the City of London working for various Lloyd’s of London insurance syndicates and carriers.
This means I have witnessed firsthand the evolution and potential of regional financial hubs.
Reflecting on my experience, particularly during my tenure at Brit Insurance, it’s clear that the efforts to decentralise from London to cities like Cardiff are bearing fruit.
Ten years ago, Brit was approached by Cardiff County Council with a proposition to relocate our headquarters from London to Cardiff. This initiative was part of Cardiff’s broader, proactive strategy to attract insurance companies to the region. Today, Cardiff’s strong reputation in the insurance sector and its burgeoning insurtech and fintech industries are testaments to these efforts.
The latest data from Gambit Corporate Finance highlights the vibrancy of the fintech sector in South Wales, which supports 16,000 people and saw more than £53 million invested between 2022 and 2023.
This substantial investment highlights the region’s growing importance as a financial services hub. Companies like Confused.com, Admiral, and Compare the Market are well-established in Cardiff, with Admiral holding the distinction of being Wales’ only FTSE 100 headquartered company.
This is a significant milestone – but there is potential for more such companies to be based in Wales.
The presence of these companies creates a domino effect, fostering an ecosystem that attracts additional firms to Cardiff and Swansea. This clustering effect is crucial for building a robust financial services sector. South Wales is already punching above its weight in many respects, but there is still more that can be done to further develop the market here.
Encouraging more companies to establish their headquarters in South Wales will not only enhance the region’s economic profile but also create more jobs and opportunities for local talent. The momentum is building, and with continued support from local authorities and investment in infrastructure, South Wales can become an even more significant player in the UK’s financial services sector.
