Grove & Dean grows revenue and profits in “challenging” year
Niche motor specialist Grove & Dean grew turnover by 2.4% to £18.03m in the year ended 30 May 2024 with the broker’s profits rising faster.
“It was a challenging year, the [rise] was helped by premium increases,” CEO Damian Collett told Insurance Age.
The Top 100 UK broker’s portfolio is predominantly in non-standard vehicles including classic cars and motorhomes, however 15% of revenue came from home insurance with the book also having a non-standard bias, Collet confirmed. The broker boss also detailed the firm closed the financial year with 175,000 policyholders.
ProfitProfits were up by all metrics at the Essex-based company
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Biba 2025 Countdown: Iprism Underwriting’s Ian Lloyd
With just days to go until the 2025 British Insurance Brokers’ Association conference, Ian Lloyd, CEO of Iprism Underwriting reveals the MGA will be celebrating two decades in style on its stand, highlights how an onus on ‘comfort’ will mean a ‘generous collar’ on his shirts, and recommends a local Chinese restaurant for those attending the event.
Commercial Express to add Axa and Carbon capacity as it unveils MGU plan
Managing general agent Commercial Express has signed capacity deals with Axa and Carbon Underwriting, Insurance Age can reveal, as it progresses to become a managing general underwriter and targets doubling in size.
Brokers closed Q1 with optimism on growth at five-year high – Aviva
Brokers’ optimism for growth reached its highest level in the past five years this March, according to Aviva’s Broker Barometer research.
Avid partners with MS Amlin on leasehold product
Specialist managing general agent Avid Insurance has partnered with MS Amlin Insurance to provide capacity in the public sector ‘right to buy’ the leasehold insurance market.
Ex-Bollington boss Moors joins Broadway
Former Bollington leader Paul Moors is to become a director of Broadway Insurance Partners, subject to regulatory approval.
Biba 2025 Countdown: LexisNexis Risk Solutions’ Tony Pinch
Tony Pinch, head of sales, broker and MGA, UK and Ireland at LexisNexis Risk Solutions suggests a New Era of broking will feature more data enrichment; passes down some tips from his 15 years experience attending the event; and recommends delegates might fancy a trip to see a local exhibition called Operation Ouch! Brains, Bogies and You!
Interview: Bob Pybus, CEO of AUB UK Retail
Having been named CEO of AUB UK Retail last September, Bob Pybus reflects on his route to the role, tells Insurance Age about the deals struck so far and shares his plans to grow to a £1bn business.
FCA reveals fall in GI and protection appointed reps
The number of appointed representatives in the general insurance and protection space fell to 7,359 last year as the sector posted the biggest volume drop in the financial services market.