Specialist credit and political risk broker Cofarco has hired Lucy Drummond Brady to head up its new subsidiary company Cofarco (UK) in London.

Having gained a license to operate as a Lloyd’s registered broker in June, Cofarco is now aiming to grow its business in the London market by setting up the company, which Drummond Brady is tasked with establishing.

She reports to executive partners Frédéric Blanchi and Laure Pironneau Morris, who work out of the broker’s main HQ in Paris, and will initially front the UK office alone.

Drummond Brady joins from JLT where she spent eight years working in credit, political and security risks teams in London and Singapore, and had most recently been serving as a partner.

Explaining to GTR why she took on the position, she says: “Cofarco’s business plan for London is really compelling. It’s not just an insurance broker, it’s also very active on the financing and advisory side. So, it’s a unique opportunity to get to learn more about that side of the business, which, at a traditional brokering house, I wouldn’t be able to do.”

Going forward, Drummond Brady says Cofarco is hoping to expand its presence in the UK: “At the moment it’s just me. In the coming years we’re looking to grow, but that’s obviously dependent on how things go.”

The French firm, which also has small offices in New York and Geneva, offers independent advisory services, financing arrangement and credit risk hedging services to the commodities and natural resources markets.