Strong demand from clients in the food and drink sector, including whisky distilleries, has helped Scotland’s largest independent insurance broker to report record results.
Bruce Stevenson also benefitted from the integration of Turriff-based Youngson Insurance Consultants in 2018 and said it would continue to look at further acquisitions. Revenues rose 7% and gross written premiums increased 12% to more than £36 million in the year to 31 August with operating profits up by 85%.
Mark Dallas, finance director at the Edinburgh-headquartered firm, said: “We grew all of our main financial metrics - revenue, operating profit, net assets and GWP - in 2018/2019 and have made a strong start to the current year.”
“While renewable energy and social housing represent the firm’s two largest sectors, growth has also been posted in other sectors including across Scotland’s food and drink industry where the distillery scene has represented one of Bruce Stevenson’s fastest-growing sub-sectors alongside B&Bs and self-catering accommodation.
“Commercial, property, private client, art, and farming and estates also remain key sectors for the firm.”
The firm said it had made significant investment in IT system during 2019. Chief executive Edward Bruce said: “The firm is now making a name for itself over a wide range of sectors not only in Scotland but across the UK and we’ll be looking to build on this position over the next couple of years,” he said.
The firm, which was founded in 1981 by Edward Bruce’s father David Bruce, said it will also continue to actively consider further growth in niche areas and by way of acquisition. The company has 100 people working across five offices in Edinburgh, Glasgow, Galashiels, London and Turriff.
