Broker expects expansion
Bruce Stevenson eyeing further growth
Edward Bruce and Andrew Adam, commercial director
Insurance broker Bruce Stevenson is pursuing potential acquisitions following a year of rising income and headcount.
The Edinburgh-based broker’s total income for the year to 30 August was £6.6 million, against £6.4m in the previous twelve months.
Trading performance was boosted by a sharp rise in gross written premiums to £30m while investment in staff recruitment meant gross profit came in at £1.4m against £1.5m in 2015/16.
Headcount has risen by 7% to 93 with the hire of senior managers James Geekie in corporate business development, and Alexandra Richards in the private clients team. Additional staff were brought in to handle claims, which is a key service area supported by seven staff along with an expansion in IT and marketing.
The firm is committed to long-term independence and several discussions are under way with a view to acquisitions. Most recently the firm acquired a book of business in the north of Scotland from H&H, an auctioneering business based in Carlisle.
Commenting on the results, Edward Bruce, chief executive of Bruce Stevenson, said: “It’s been an extremely positive year for Bruce Stevenson Insurance Brokers, we’ve hit our targets but it’s been a period of consolidation. We’ve invested in the business a number of strategic management appointments and customer service and support roles.
“We are now focused on further growth with a focus on our core areas of business and potential acquisitions.”
Looking ahead, Bruce Stevenson has a brand re-launch and new website which will be unveiled in early 2018. The immediate target is to hit double-digit growth again in the current financial year with a focus on the firm’s core values of great teamwork, exceptional customer service and assured consistency.
There will also be continued investment in staff training and professional development.
Encouragingly a recent staff survey received positive feedback from the 85% of employees who responded, which supports the Firm’s commitment to being the ‘Broker of Choice’ for both staff and clients.
Bruce Stevenson made a policy commitment in January to donate a minimum of 2% of net profit to FareShare, its nominated charity.
This organisation collects good quality, in-date surplus food from retailers and producers and redistributes it to 476 frontline charities and community groups. The commitment to this charity is underlined by the work the insurance broker does within the food and drink sector.