His decision coincides with the broker reporting growth across the board 

Bruce Stevenson has revealed its chief executive Edward Bruce will be stepping down.

The specialist broker was founded in 1981 by Bruce’s father David Bruce and is now owned by international insurance intermediary Howden.

Bruce will move to the role of executive chair on 1 October 2023 and will be replaced by director Kenny Hogg, a statement said today (3 April 2023).

The numbers

The decision came as the broker revealed it had increased its turnover to £11.7m in the year to 28th February 2023 – up from £9m in 2022.

It also improved its profit by 33% year-on-year to £3.9m and grew its gross written premium (GWP) by 18% to £63.2m – up from £53.5m in 2022.

Bruce said: “Our financials tell a really positive story.

“We have also continued to grow our specialism across multiple industry sectors, while significantly investing in our people.

”Our people are absolutely key to our success and our standard is to be the employer of choice in the sector.”

Bruce Stevenson specialises in a variety of areas, including renewable energy, farms and estates, private clients, hospitality and whisky distilleries.

The company said it had made a “raft of hires and promotions” over the last 12 months and remained in ”hire mode to support ongoing growth prospects”.

In addition to organic growth, Bruce said the firm had not ruled out further growth by acquisition.

“We are actively looking at a couple of acquisitions at this time, so we may have more news here in due course,” he added.