There’s something to celebrate at ARAG plc, the Bristol-based legal protection and assistance specialist which is marking a decade of operation and strong business growth.
The insurer said company workforce has increased to about 100 during its first 10 years in the business, while premium under management has grown to more than £44 million.
“It barely seems like yesterday that we started out, with just six of us in small, rented offices in central Bristol,” said managing director Tony Buss. “In 2016, the same ARAG is barely recognisable, but the philosophy and commitment remains the same.”
The company said much has changed within its business since its launch in the UK in September 2006, when the MGA model was still in its infancy. But today, managing agents are considered a vital part of the industry, making up 10% of Britain’s general insurance market.
“The legal expenses insurance and assistance markets have themselves transformed over the past decade, with significant legislative, market and regulatory changes all playing their part,” Buss said.
“But our belief that insurers and brokers were crying out for a high-quality, service-led partner that was willing to build products around their customers is as true today as it was when we launched.”
Buss is giving a salute to the company’s staff and industry partners as the firm celebrates its first decade in the business.
“The staff who have joined us along the way have been a huge factor in our success,” he said. “But we also owe a great debt of thanks to our business partners in the insurance industry who put their faith in us over the years and invested in the quality of service that we believe wins customers and keeps them.”
In July, ARAG reported 12% annual growth for 2015 despite turbulent times for the legal expenses insurance sector. The insurer’s UK unit generated a pre-tax profit of £2.7 million after its gross written premium increased from £39.6 million to £44.3 million.
Buss said ARAG will be able to weather persisting market turbulence.
“ARAG’s positive and highly proactive approach to market challenges puts the company in a highly competitive position,” he said.
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