Independent Scottish broker Bruce Stevenson has bought Turiff-based Youngson Insurance Consultants.
Youngson adds around £2.5m in gross written premiums to Bruce Stevenson’s arsenal, which saw GWP of £33m in the year ended 2018.
The team at the firm is expected to expand, according to Bruce Stevenson CEO Edward Bruce, pictured right.
Bruce said: “Youngson is a great fit culturally and they have a loyal, local client base that helps to provide us with a firmer foothold in the North East of Scotland. We fully intend to grow the team to take advantage of the opportunities we see in the region.”
He added: “We are passionate about looking after our customers and building our reputation in the insurance industry with a view to becoming the broker of choice in Scotland and beyond. We are making this happen by investing in our people and technology and adding bolt-on acquisitions where we feel they can add expertise and geographic spread to our overall proposition.”
The purchase follows a record financial year for one of Scotland’s largest independent brokers. Its revenue jumped over 10% in 2018, when it saw revenue of £7.3m compared to £6.6m the previous year. Gross profit also edged up, from £1.37m in 2017 to £1.5m for 2018.
The firm has come to the end of a five-year growth plan, which saw it grow renewable energy and social housing insurance to become its largest sectors.
It now has 98 employees across four offices in Scotland and one in London.
- Analysis: The mystery of the missing Insurance Fraud Taskforce report
- Green light for UK-US insurance trade deal
- Roundtable: Is a single customer view taking off in insurance?
- Travel insurtech Pluto begins beta test
- O’Connor replaces Fairchild at the helm of Broker Network
- Majority of customers support a ban on dual pricing
- Blog: What workplace inequality means for insurers