Atec Group has experienced record growth this year, driven by product development, distribution expansion and investment in data and digital capability across its retail, wholesale and MGA businesses.
The insurance group- whose brands include retail consumer platform InsureMy, wholesale B2B property specialist Ceta Insurance and MGA Arkel – has grown policy numbers by 90% in the past two years and now manages more than 250,000 policies.
The company’s income increased by more than 25% to £14.5million and new business growth grew by 60% in the year to September.
Brendan Devine, Atec Group CEO, said: “We are a specialist insurance provider with an expertise in providing digital customer solutions in niche lines of business.”
“The impressive growth that Atec has delivered over the past few years is thanks to innovation, investment, and the hard work and dedication of our people.”
Atec has also revealed its plans to more than double its business again through organic growth in niche insurance lines over the next five years.
Atec’s retail arm – which features brands including InsureMy, Compare Caravan Insurance and Compare Boat Insurance – has continued to grow sales of its leisure and household insurance products through digital channels this year.
This has been boosted by new products, including landlord and motorhome, and an expanded distribution footprint including through partnerships and price comparison websites in specialist market sectors.
Atec has also revamped the websites across all its brands and complimented the existing management team with several new industry hires in order to position itself well for continued growth.
Devine added: “Digital sales through our retail arm have continued to grow strongly, boosted by the launch of new products and partnerships.
“Our wholesale division, Ceta, has grown its broker footprint thanks to the launch of our notional home insurance product, expansion of our panels and rewards programme, and Arkel, our in-house MGA, has expanded its distribution in non-standard home and landlord insurance through SSP, OGI, CDL as well as bespoke broker builds.”
He continued: “This upward trend is set to continue with solid plans in place to more than double the business again through organic growth over the next five years, and we are excited for the future as we continue to expand in niche insurance sectors.”
