International specialist insurance firm Kennedys has posted record revenue of £428m, a 13% jump on last year’s results.
This year’s increase – which covers the financial year ending 30 April – was driven by significant regional growth, with Latin America revenue surging 27% to almost £13m and North America revenue climbing 22% to almost £110m.
The firm’s EMEA region grew by 13.6%, Asia-Pacific by 11.5%, and the UK – where the firm is based – by 8.8%.
In a statement, John Bruce, the firm’s senior partner, said that the results reflected the firm’s global growth aspirations.
He added: “We have made deliberate strategic decisions, establishing new offices in key jurisdictions and prioritising new leadership across the firm. I believe this commitment to evolving our firm globally will continue to drive us forward collectively, while we remain laser-focused on delivering exceptional work for all our clients.”
Bruce told GLP the firm’s goal was to reach $1bn (£740m) turnover by 2030.
Last year, the firm’s revenue hit £384m, up 17% on 2023’s level, while turnover has more than tripled since FY15, when it stood at £122m. The firm also elevated 21 to partnership in its 2025 promotions round, the largest such round for three years. However, figures for profit per equity partner were not disclosed.
Over the past year, it also made 19 lateral partner hires and grew fee-earner headcount by 12% to more than 2,900 staff.
Bruce said Kennedys plans to expand into adjacent areas of its core insurance practice, concentrating on client development and leveraging its global litigation expertise beyond insurance-related disputes to achieve this.
He added: “We see several different opportunities in branches of practice areas that would be able to continue to service the insurance sector, which is our core, but allows us also to capitalise on a growing bench [of partners] that are involved in international arbitration and other commercial work. So, we do see synergy in growing in both of those areas.”
He and global managing partner Meg Catalano said Kennedys wants to strengthen its existing deep relationships with global insurers, citing the potential for further growth in the US and Australia as an example, and their intention to enhance the firm’s non-contentious practice by investing in the corporate and commercial sectors to serve insurance clients more broadly.
Catalano said the firm’s revenue performance in North and South American is “a reflection of positive growth year after year for the last 11 years”, which included new offices in Los Angeles and Seattle.
She said such growth was indicative of “stability that the firm will be able to use in terms of its growth strategy going forward” adding she feels “pretty comfortable” about the firm’s “solid footprint” in key US jurisdictions, which is “a tremendous foundation for our growth in the future”.
While not ruling out future US expansion, she believes the firm’s US coverage – which spans key states such as Texas, California, Washington DC, Florida, and New York – is already significant, indicating that growth would “really [be] more directed to building our bench in those areas, those states and those offices”.
She added that any new office would have to have a clear business rationale and benefit.
Noting Kennedy’s UK 8.8% revenue increase, Bruce acknowledged the challenge of achieving growth in the UK due to its established presence but saw continued significant potential for further development.
“I wouldn’t say we’ve topped out already,” he said with regard to Kennedys’ US practice. “It is delightful that when we’re asked to go for panel appointments, we often get appointed. We still see significant growth potential in the UK, even though we have a much larger presence in the country as a proportion of the market.”
While praising his predecessor – insurance industry heavyweight Nick Thomas, who held the role for 27 years – Bruce said the firm had refreshed its leadership team, with Thomas now part of an ensemble including Catalano, Eric Hiller as US managing partner, Ben Aram as UK managing partner and Michael Hennessy as managing partner for Latin America and the Caribbean, which he said would remain the same for the foreseeable future.
Bruce was eager, however, to state that he and the newly formed executive team would also concentrate on increasing opportunities for partner leadership and client development below senior management, including within the firm’s client development committee.
“By investing in our people, processes and infrastructure and innovating together, we will create a firm that is fit for the future – I’m excited about what lies ahead at Kennedys,” Bruce concluded.
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