The Barcelona insurance broker Jori Armengol
In Jori’s opinion, the buying frenzy experienced by the brokerage sector, in which several venture capital funds have entered, does not make purchases difficult, “because many entrepreneurs prefer to join a family brokerage with a long-term vision , like ours”.
The firm is financing this expansion with its own funds. “We agree on flexible formulas, and we pay for purchases with the operating profit generated by the business”, which last year was 20%. Jori joins the workforce, which has already reached 90 people, and after a transition period he plans to unify the brands.
“Growing in size allows us to increase profitability, but above all to access better offers and have more capacity to cover the risks of our customers”, he pointed out. With offices in Madrid, Barcelona and Bilbao, Jori is already among the top five private brokerages in Spain and half of its business comes from multinationals, both foreign and local companies that have opened subsidiaries abroad.
The brokerage is owned by the Jori family, now in its fifth generation, and is 15% owned by the French group Diot.
Jori has boosted growth in recent years through specialisation, with units dedicated to flexible compensation for templates, credit insurance and especially cyber security. “There are more and more attacks and companies are more aware of them”, points out Marc Jori, technical director of the brokerage and head of the Barcelona office. In this area, in addition, the firm offers the service of an external consultant to continue operating in the event of a computer attack, explained Ruth Zapata, director of the Tech division.
Jori has also created a specialized division in pharmacy and biotechnology, which includes both IT protection and insurance in case of damage to clinical trial participants and legal protection for executives. “Many companies are created, and our purpose is to accompany them”, pointed out Marc Jori.