INSURANCE broker Bruce Stevenson has increased turnover by 30 percent to £11.7m in the year to 28th February 2023 (2022: £9.0m), while posting a profit increase of 33 percent to £3.9m (2022: £2.9m) and gross written premium (GWP) up 18 percent to £63.2m (2022: £53.5m).
Growth during the year has been supported by a number of Bruce Stevenson’s specialist areas including renewable energy, farms and estates, private clients, commercial, social housing, food and drink, hospitality and tourism, property, and whisky distilleries. The firm has also been developing new areas of expertise, in life science and technology, education, and risk management.
The company is also announcing that recently appointed director Kenny Hogg will replace CEO Edward Bruce on 1st October, with Edward Bruce moving to the role of Executive Chair. Bruce Stevenson, which was founded in 1981 by Edward Bruce’s father David Bruce, 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.
Edward Bruce, Bruce Stevenson CEO, 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, CEO Edward Bruce says the firm hasn’t 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 a new office opening in Perth, while Graeme Christie joined the firm as Commercial Director, and Richard McDonald was recently appointed Social Housing Director.
