Edinburgh, 25 September 2018 - Bruce Stevenson, Scotland’s largest independent insurance broker, has acquired Turriff-based regional player Youngson Insurance Consultants on the back of a record financial year that closes out its most recent 5-year plan of growth. For the year ended 31st August 2018, revenue was up to £7.3 million (2017: £6.6m), gross profit increased to £1.5 million (2017: £1.37m), while gross written premium (GWP) grew to £33 million (2017 was £30 million). (Please note that Youngson’s figures are NOT included in these figures).
Key areas of growth for Bruce Stevenson include renewable energy and social housing, which now represent the firm’s two largest sectors, with a step up in activity also recorded in commercial, property, private client, art, and farms and estates over the last twelve months. The firm has also made strong ground in hospitality and tourism - where the firm has forged partnerships with industry bodies like Scotland Food and Drink and social enterprise Hospitality Scotland Trust (HIT) - with food and drink, distilleries, B&Bs and self-catering all experiencing marked traction.
Bruce Stevenson was founded in 1981 by current CEO Edward Bruce’s father, David Bruce, and has reached the top industry spot in Scotland by way of organic growth, investing its its people and technology, and has achieved regular annual double-digit revenue growth. Looking ahead, the senior management team will also continue to actively consider further growth in niche areas and by acquisition.
Bruce Stevenson CEO, Edward Bruce, said: “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.”
Youngson Insurance Consultants, with a team of 7 in Turriff, adds approximately £2.5 million in GWP to Bruce Stevenson while strengthening the firm’s offering in Aberdeen and the North East. Edward 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.”
Ian Bremner, Director, Youngson Insurance Consultants, said: “While we are well-established in the North East, the firm had been considering how to accelerate our next phase of growth and Bruce Stevenson provides us with the platform to do that. We’re greatly encouraged that Edward has made it clear from the start of our negotiations that Bruce Stevenson wants to invest in the team and technology to make that happen.”
Edward Bruce added: “As an owner-managed independent, we focus on using our expertise to advise people on the most comprehensive ways of protecting what is important to them. And we do this by providing a ‘best in class’ standard of service. We constantly strive to create a more fulfilling environment for our people, where they can concentrate on providing a more traditional client facing relationship. The same goes for our relationships with insurers, which are strong and well established. What we’ve found is that by getting to know our clients better, we can offer more relevant advice, resulting in fewer grey areas and more effective insurance cover."
Bruce Stevenson, which is a Chartered Broker and a founding member of the industry UNA Alliance, now has 98 people working across 5 offices - Edinburgh, Glasgow, Galashiels, London and Turriff.