Lockton, an insurance brokerage firm headquartered in Kansas City, has announced a new office in downtown Detroit designed to increase its footprint in the city and accommodate its growing team.
Set in the heart of the historic Paradise Valley district in the Hemmeter Building at 230 E. Grand River, the 7,000-square-foot space will assist with the company’s growth in 2022 and beyond.
“Over the past two and a half years, we have found that Michigan companies want the advantages of working with a firm that has global resources, however, it’s also clear that they appreciate having a local team with enough capacity to support their account along with the stability of working with a family-owned firm,” says Elaine Coffman, president of Lockton Michigan.
“With so much disruption in our business, Lockton has attracted key talent that has driven consistent double-digit year-over-year growth.”
Lockton assists companies across multiple industries in Michigan and globally with employee benefits, leave management, property, workers compensation, business interruption, cybersecurity, general liability, directors’ and officers’ liability, and more.
The company opened its first Detroit office in 2015, and in November 2019, the firm reported its Michigan revenue increased more than 50 percent and its team tripled to more than 50 employees statewide. Globally, Lockton’s revenue is $2.7 billion for the 2022 fiscal year, which concluded in April 2022, an increase of 27 percent year-over-year.
Lockton’s new Detroit office in the Hemmeter Building overlooks Harmonie Park and is within walking distance to Ford Field, the Detroit Athletic Club, Comerica Park, and Campus Martius. The space accommodates a hybrid work model with 21 full-time stations, several huddle spaces, and an entertainment space to host clients in the office or on the rooftop.
The company also has office space in downtown Birmingham and downtown Grand Rapids. Coffman states that Lockton’s Michigan presence is “central” to the company’s continued growth and recruitment efforts, adding that reduced commutes from local suburbs, walkability, and unique office spaces help to attract top talent.
In September 2020, Lockton formed a strategic alliance with Birwood Services Group, a Detroit-based certified minority business enterprise (MBE) insurance brokerage.
The alliance is part of Lockton’s strategy to fill a void in the insurance marketplace by building a partnership uniquely positioned to service multinational, complex businesses, and underrepresented communities. Birwood helps clients improve the impact of their risk management and employee benefits plans and expands opportunities for diverse suppliers to participate as value-added vendors.
“Lockton has been part of the Detroit community, working with businesses headquartered here and employing residents of the city since we first started doing business in the state,” says Coffman. “We plan to have a presence in the city for years to come.”