Underwriting arms helped privately owned brokers to three year growth
Four insurance brokers with their own underwriting divisions are among the top 100 private British companies with the fastest-growing profits.
The Sunday Times Profit Track 100 index ranks firms based on their compound annual growth rate over three years. It adds operating profit to directors’ pay to arrive at figure, because up to 70% of profits are removed from private businesses each year in the form of directors’ remuneration.
Towergate was the highest ranking broker, having grown profits by 56.05% in the three years to December 2012 (the most recent accounts available).
Hastings Insurance has grown 46.6% in the three years to December 2013, placing it at 87 in the table.
Hyperion grew 48.32% in the three years to September 2013 to be placed 78th.
Hawkes Bay Holdings, which comprises Lloyd’s broker Tysers and Aquila Underwriting grew 47.07% in the period to December 2012 to be placed 84th