Warrany insurer Domestic & General tops list of fastest growing companies

Warranty provider Domestic & General has topped the Sunday Times Top Track 250 – a list of the leading private mid-market growth companies.

The insurer reported sales of £632.9m for the year ending March 2014, up 10% on the previous year. Operating profit increased 3% to 73.6m.

Chief executive Alex Labak, who took charge in April, said that the insurer would not be looking to enter new lines, but would be looking to expand overseas.

“Historically the focus has been on the UK and now we’re putting emphasis on building programmes in similar markets elsewhere,” he said.

Other insurance companies on the list include BGL Group, Hastings Insurance and Hyperion Insurance.

CompareTheMarket.com owner BGL Group ranked 25^th in the listings, up from 42^nd last year, with sales up 13% to £507.2m.

 Hastings was a new entrant on the list in 71^st position after sales and profit both grew by 24% to £342.5m and £87m respectively.

In 200^th place, Hyperion was the fastest growing of all the insurance companies in the list, achieving 50% growth in sales to £163.6m and a 71% upturn in profit to £29.9m.

To appear on the list, companies must be privately owned, profitable with sales under £650m and achieve at least 10% growth in sales or operating profit.