Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Insider UK
Insider UK
Business
Peter A Walker

Scottish insurance broker names new chief executive

Bruce Stevenson has increased turnover by 30% from £9m to £11.7m during the year to 28 February 2023.

The Scottish insurance broker also reported profits up by a third from £2.9m to £3.9m year-on-year, while and gross written premium rose by 18% from £53.5m to £63.2m.

Recently appointed director Kenny Hogg will replace chief executive Edward Bruce at the start of October, with Bruce moving to the role of executive chair.

The firm, which was founded in 1981 by his father David Bruce, is now owned by insurance intermediary group Howden.

Edward Bruce said: “Our financials tell a really positive story, we have also continued to grow our specialism across multiple industry sectors, while significantly investing in our people.”

Growth during the year was driven by several of the firm's specialist areas, including renewable energy, farms and estates, private clients, commercial, social housing, food and drink, hospitality and tourism, property and whisky distilleries.

It has also been developing new areas of expertise, in life science and technology, education and risk management.

The broker has made a raft of hires and promotions over the last 12 months - with Graeme Christie joining as commercial director and Richard McDonald being appointed social housing director - while also opening its fifth Scottish office in Perth.

Bruce said that alongside such organic growth, the firm hasn’t ruled out further acquisitions.

“We are actively looking at a couple of acquisitions at this time, so we may have more news here in due course.”

Separately, Hampden & Co delivered its first full year profit in 2022, driven by a 73% year-on-year rise in total income to £23m.

The private bank posted a pre-tax profit of £2m, while post-tax, reflecting a deferred tax credit, it achieved a profit of £6.9m

Total deposits for the year were up 14% to £796m, while lending increased 6% to a record £448m.

The bank saw strong demand for its lending services, including residential, retirement interest-only and self-build mortgages, as well as investment portfolio lending.

Borrowing through introductions from professionals, including wealth managers, solicitors, accountants and mortgage introducers, increased 40% to £135m.

Client numbers were up by 11% to 4,700 in 2022, with retention rates remaining high.

Chief executive Graeme Hartop said: “Hampden & Co has been built on solid foundations with a strong capital base and conservative risk appetite, and has continued to perform strongly in the first few months of 2023.

“These foundations will provide a secure base for future growth given the clear demand for personalised banking services.”

Hampden became the first new UK private bank in 30 years when it opened in 2015.

Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.