Atec, a digital insurance group in the UK, has reported growth for the year ending September 2023, attributed to innovative product development, expansion in distribution, and enhanced investment in data and digital capabilities across its various business segments, including wholesale, retail, and MGA (managing general agent).
The group, which encompasses brands such as the retail consumer platform InsureMy, wholesale B2B property specialist Ceta Insurance, and MGA Arkel, has seen a substantial increase in policy numbers. Over the past year, policy numbers have risen by 22%, exceeding 300,000. Additionally, Atec’s turnover has grown by 34%, rising from £14.5 million in 2022 to £19.5 million, with an ambitious target of achieving £25 million by 2024.
A significant contributor to this growth has been Atec’s non-standard home offering, which has expanded through both existing and new channels. This expansion has been bolstered by the introduction of new non-standard home and landlord products and the formation of several key partnerships.
Atec’s leisure business lines have also shown an impressive performance, particularly in touring and static caravan insurance, with notable growth in both areas. The motorhome insurance segment, launched in 2022, has also made considerable strides and sold over 10,000 policies, capturing an estimated 4% of the entire market.
The company’s commitment to technological advancement and talent acquisition has been a key factor in its success. A notable addition to the team is Ant Sherlock, joining as group distribution partnerships director. This focus on technology and skilled leadership has enabled Atec to scale its operations profitably.
“The outlook for the business continues to be extremely positive with over 20% organic growth forecast in 2024. Atec will continue to build on its track record of product and digital innovation which, coupled with its scalable platform, makes the business ideally placed for ongoing success via both organic and inorganic growth,” Atec Group CEO Brendan Devine (pictured) said.
What are your thoughts on this story? Please feel free to share your comments below.
