Scotland’s largest independent insurance broker toasts record results

Edward Bruce and Mark Dallas of Bruce Stevenson (by Stewart Attwood)

BRUCE Stevenson, Scotland’s largest independent insurance broker, has reported record revenue of £7.6 million for the year to 31st August 2019 (2018: £7.1m) with operating profit up by 85 per cent and gross written premium (GWP) increased to over £36 million (2018: £33m).  2019 saw Bruce Stevenson made a significant investment in IT systems and the integration of Turriff-based Youngson Insurance Consultants, a bolt-on acquisition completed in Q4 of 2018 to strengthen Bruce Stevenson’s offering in Aberdeen and the North East Scotland.    

Bruce Stevenson CEO, Edward Bruce, said: “2019 was a challenging year for businesses in Scotland and across the UK and many of our clients were not immune to feeling the pain.  In uncertain times, we have benefited from providing security and reassurance for our customers and this has translated to a strong set of results.”

Mark Dallas, Finance Director, Bruce Stevenson 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.  

Edward Bruce added: “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.  We will continue to focus on our customers, our people and our relationships with insurers nationwide to ensure we stay ahead of the curve.”  

Bruce Stevenson was founded in 1981 by current CEO Edward Bruce’s father, David Bruce and 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 way of acquisition.  

During 2019, Bruce Stevenson achieved the highest Investor in Customers score of any assessed organisation in Scotland (9.04 out of 10) and a Net Promoter Score (NPS) of 82.  Edward Bruce added: “We’re determined to be both the ‘broker of choice’ and the ‘employer of choice’ in Scotland so these kind of accolades are really important yardsticks for the business.” 

Bruce Stevenson, which is a Chartered Broker and a founding member of the industry UNA Alliance, now has 100 people working across 5 offices – Edinburgh, Glasgow, Galashiels, London and Turriff.  

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