Wednesday, 17 February 2016
TEn Insurance Services, the network for independent commercial brokers, is happy to announce that the year ending 2015 produced - once again - an encouraging set of financial results.
December 2015 saw TEn standing at a membership of 105 brokers, GWP up by 30% compared to 2014 and earnings up by 31% for a second consecutive year. The company had originally predicted GWP growth at 22.5% and earnings a little higher at 25% up.
The percentages quoted above apply to ‘normal renewable business’ and with GWP rising almost £10m from £31.9m to £41.5m.
Comments TEn Business Development Director James Sharp; ”2015 was an extraordinary year, with some months barely 1% to 10% up on 2014 and, yet, others well over 50% ahead. We had an unusually large number of new members join us in the first 2-3 months of the year, which is why our numbers were above even our own expectations.
In 2016 we are not expecting any fewer new members that last year, but from the outset it was obvious that they will be joining us evenly and gradually throughout the year and the influx will not be so completely front-loaded as it was in 2015.
Consequently, our GWP and earnings growth is cautiously predicted to be in the range of 15% to 17.5% up in the current year.”