Merseyside-based Acorn Group reported its highest-ever financial results for the year ending December 31, 2024, with growth across key metrics including gross written premiums (GWP), customer volumes and average premium levels.
The company said the gains reflect performance across its main lines of business: car, van, taxi and household insurance.
The group’s GWP reached £742 million in 2024, marking a 41% increase compared to the previous year. Gross vehicle years rose by 30% to 607,000, with the business citing strong retention and new business as contributing factors.
The combined operating ratio (COR) remained under 90%, which the company attributed to its underwriting discipline and operational processes. Acorn also reported a Solvency Capital Requirement (SCR) of more than 160%.
Chief executive officer Mike Lloyd (pictured above) said the company’s performance in 2024 reflected strategic alignment and execution across its operations.
Acorn Group’s growth in the prior year came amid notable shifts for UK’s car, van, and taxi insurance markets. The UK car insurance industry was valued at approximately £21.9 billion in 2024, marking a 14.6% increase from the previous year.
Meanwhile, the average annual premium for private car insurance was £621 in Q4 2024, reflecting a 2% decrease from the start of the year. Comparatively, the average cost of van insurance in the UK ranged between £500 and £999, with a notable 35.9% increase between 2022 and 2023.
The taxi industry is facing rising insurance costs, which may lead to increased fares to offset expenses. Drivers have reported substantial hikes in premiums, with some experiencing increases from £1,050 to £1,860 despite maintaining clean records.
Acorn Group’s growth drivers for 2024 included developments in underwriting, technology and customer service infrastructure. The insurer said that it rolled out a new policy management system for its direct motor operations and expanded its teams in pricing, data science, claims and technology.
The firm said these changes enabled greater use of analytics and automation in both risk assessment and service delivery.
Acorn has also launched new propositions and pursued expansion through partnerships and acquisitions. Its Briefly brand was introduced to address demand in the short-term motor insurance market.
A strategic partnership with insurtech firm Flock also added capability in the commercial fleet segment.
The company also acquired MyPolicy, a telematics insurance provider focused on young and low-mileage drivers. Acorn said the deal strengthens its position in the telematics insurance market.
The business continues to focus on customer service and workforce development. It has maintained a Trustpilot rating of 4.5, based on verified customer reviews. Internally, Acorn was awarded Great Place to Work certification in 2024, and said it remains committed to training, mentoring and developing its 1,700 staff.
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