Academy pivoting to commercial with five more deals in pipeline, says CEO Normand
Buying Premierline has “dramatically” shifted the balance of Academy’s book from 50% personal lines to two-thirds commercial with the broker targeting 90% in the sector through a people-first string of acquisitions, according to CEO Gilles Normand.
The purchase from Allianz for an undisclosed sum, revealed yesterday, added 90 staff to Academy Insurance Service’s existing 120 people headcount.
Academy’s gross written premium was £30m at the start of last year and, depending on further acquisitions, could be double by the end of 2024, Normand, pictured, calculated.
“The aim is to land in three to five years at £120m-£130m GWP,” he told Insurance Age, adding that the move on Ebitda would be from £3m to £5m this year up to £18m in five years’
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