Edward Bruce and successor Kenny Hogg

Insurance broker Bruce Stevenson has posted a surge in profits and turnover and announced a change of chief executive.

Edward Bruce will become executive chair in October and will be replaced by recently-appointed director Kenny Hogg.

The changeover follows a 33% rise in profit to £3.9 million and an 18% rise in gross written premium to £63.2m on a 30% rise in turnover to £11.7m in the year to 28 February 2023.

In addition to its specialist areas the firm has been developing areas of expertise in life science and technology, education, and risk management.

Bruce Stevenson was founded in 1981 by Edward Bruce’s father David Bruce It is now owned by Howden, the international insurance intermediary, which has a headcount of around 14,000 people worldwide, handling approximately $30 billion of premium on behalf of clients.  It is also the fifth largest employee-owned company in the UK. 

Mr Bruce said: “Our financials tell a really positive story, we have also continued to grow our specialism across multiple industry sectors, while significantly investing in our people.  Our people are absolutely key to our success, and our standard is to be the employer of choice in the sector.” 

The insurance broker has made a raft of hires and promotions over the last twelve months and remains in hire mode to support ongoing growth prospects.  

In addition to organic growth, Mr Bruce said the firm has not ruled out further growth by acquisition: “We are actively looking at a couple of acquisitions at this time, so we may have more news here in due course.” 

In 2022, Bruce Stevenson launched its fifth office in Scotland, with an office opening in Perth, while Graeme Christie joined the firm as commercial director, and Richard McDonald was recently appointed social housing director.