BRUCE Stevenson Insurance Brokers has unveiled a £1 million rise in income shortly after switching premises in Glasgow to a new office in the heart of the financial services district.
The Edinburgh-based broker lifted income to £5.5m in the year ended August 31, with its results boosted by wins in the renewable energy and social housing sectors, as well as among SMEs (small to medium-sized enterprises) more generally.
The company, which earns around 85 per cent of its business from corporate clients, said gross written premiums rose by 25 per cent to £25m.
It did not disclose whether it had made a profit during the year. Chief executive Edward Bruce said the accounts had still to be audited but he signalled that gross profits had grown over the period.
Mr Bruce, who is the broker’s controlling shareholder, highlighted the firm’s strong focus on customer service and retention rates as key factors behind its performance.
And he flagged up its success in winning new business, notably in “niche” commercial areas.
“Those areas would be renewable energy, where we have done very well,” Mr Bruce said. “Nationwide we are probably seen as number one for doing renewable energy projects.
“We’ve got a team in social housing, which is mainly Scottish, they have done really well. And we’re winning in the commercial, SME private client area as well.”
The latest results for Bruce Stevenson were delivered against a backdrop of what Mr Bruce said continue to be soft conditions in the commercial insurance sector.
While rates can be high for businesses in sectors such as unoccupied property, he explained that rates are broadly flat for companies which are running well.
Asked to comment on how business splits between commercial and private clients, he said more growth is coming from the corporate side, save for high-net worth customers, explaining that it is challenging for it to compete on price on “bog standard” motor insurance.
The period saw the business grow its headcount by 18 per cent to 88 across offices in Glasgow, Aberdeen, Galashiels, London and Edinburgh, where it is the largest broker in the city.
And it is planning to expand further still in the current year.
Since year end it has moved to a high-spec office at West George Street in Glasgow with the capacity to accommodate 35 to 40 staff – significantly more than its previous office on New City Road.
Bruce Stevenson’s operations in the city will continue to be run by commercial director Andrew Adam and renewable energy director Derek Skinner.
Asked if the company would consider acquisitions to facilitate future growth, Mr Bruce said: “We would look at it. We have in the course of the last year done a team lift and opened a new office in the Borders. That will give us growth in the current year.
“I’m very keen on the culture of our business being right. I wouldn’t want to grow the business too quickly, because then you start to lose control and you get too much debt in the business.
“Culture is really important, and also control.”
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