Atec boosts turnover as policy numbers top 300,000

Atec grew its turnover by 34% in the year to September 2023 after seeing a rise in policy numbers.

In a trading update published today (23 November 2023), the UK digital insurance group, which includes Ceta Insurance and Arkel, said it secured a turnover of £19.5m in the last 12 months, up from £14.5m in 2022.

It came as the group grew its policy numbers by 22% in the last year to more than 300,000.

And Atec said it had the foundations in place to grow further in 2024 and secure a turnover of around £25m.

Chief executive Brendan Devine said: “The outlook for the business continues to be extremely positive, with over 20% organic growth forecast in 2024.” 

Growth

Atec puts its growth in 2023 down to good performance in each of its leisure business lines.

It said that both its touring and static caravan offering “enjoyed strong growth”, while its motorhome proposition has seen more than 10,000 policies now sold, estimated to be 4% of the entire market.

Atec added that its non-standard home offering was boosted by the launch of new products and several partnerships.

Devine said “Atec will continue to build on its track record of product and digital innovation which, coupled with its scalable platform, makes the business ideally placed for ongoing success via both organic and inorganic growth.”