London-based insurtech Wrisk has reported a profitable first half of 2024, revealing significant growth figures.
Wrisk’s annualised gross written premium exceeded £60 million, with H1 revenue growing by 219% year-over-year and a tripling of annualised revenue run rate growth compared to the previous year.
As an independent embedded insurance technology platform focused on the automotive OEM sector, Wrisk currently manages over 73,000 monthly premiums for its retained client base, supported by insurer partners including Allianz.
The company explained that new partnerships with Volvo and Jaguar Land Rover have contributed significantly to these results. These additions join Wrisk's roster of international automotive clients, which includes BMW and Mini.
With more deals anticipated, Wrisk also noted that it is poised to surpass its 2024 financial forecast across Europe.
CEO Nimeshh Patel (pictured above) noted that Wrisk has been building quietly, maintaining agility to develop an innovative tech stack supported by strong customer experiences.
“Our figures for 2024 are testament to our ethos of continuous improvement; the big OEMs see we have something special, and they want to work with us. Our growth trajectory is only going up from here,” Patel said.
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In 2024, Wrisk made 30 new hires, increasing its UK headcount by over 40%. Notable appointments include Anthony Foster, formerly of Zego, as director of insurance, and Dr Mark Lee as director of pricing and actuarial services. Chris Harden also joined as director of technical, focusing on maintaining and developing Wrisk’s technical operations infrastructure.
“At the heart of Wrisk is people,” Patel said. “We hire the best person for every job and operate under a culture of learning, with the space to try new things and think outside the box. It has paid off - we’re leaders in our field. That is the result of the incredibly talented and hardworking Wrisk team, who understand and believe in our mission.”
Wrisk also expanded its presence in Europe, opening offices in Vienna and Munich at the end of 2023. Stephan Ruby, the European MD, has brought on Alexandre Pereira and Andreas Schaeffler as head of insurance and head of commercial operations Europe, respectively. An advisory board of senior industry figures was established earlier in 2024 to support Wrisk’s growth across the continent.
Niall Barton, co-founder of Wrisk, noted the significance of the senior hires and advisory board members, who bring experience and confidence to Wrisk’s European expansion.
“We have sector big hitters who have looked under our bonnet, liked what they see and want to be part of our journey. This is a big chapter in our global growth story, with lots more to come,” Barton said.
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