Broker Bruce Stevenson eyes further growth as income rises

Edinburgh-based insurance broker Bruce Stevenson has unveiled a £1 million rise in income to £5.5m in the year ended August 31.

The firm, which is the largest broker in the capital and earns around 85 per cent of its business from corporate clients, said income was boosted by wins in the renewable energy and social housing sectors, as well as among SMEs.

The company also revealed that gross written premiums rose by 25 per cent to £25m but did not disclose whether it had made a profit during the year.

The latest results were delivered against a backdrop of what continue to be soft conditions in the commercial insurance sector, Chief executive Edward Bruce said.

Mr Bruce, who is the broker’s controlling shareholder, also noted that the firm’s accounts had still to be audited but signalled that gross profits had grown over the period.

He also highlighted the firm’s strong focus on customer service and retention rates as key factors behind its performance as well as winning new business in “niche” commercial areas, such as renewable energy.

“Nationwide we are probably seen as number one for doing renewable energy projects,” Mr Bruce said.

“We’ve got a team in social housing, which is mainly Scottish, they have done really well. And we’re winning in the commercial, SME private client area as well,” he added.

The past year has also see the company increase its workforce by 18 per cent to now stand at 88 across offices in Glasgow, Aberdeen, Galashiels, London and Edinburgh and since year end it has also moved to a high-spec office at West George Street in Glasgow, where its business is run by commercial director Andrew Adam and renewable energy director Derek Skinner.

The new office has the capacity to accommodate 35 to 40 staff – significantly more than its previous office in New City Road.

Mr Bruce also hinted that further growth of the business would be a possibility, saying: “We would look at it. We have in the course of the last year done a team lift and opened a new office in the Borders. That will give us growth in the current year.

“I am very keen on the culture of our business being right. I wouldn’t want to grow the business too quickly, because then you start to lose control and you get too much debt in the business.

“Culture is really important, and also control.”