Wednesday, 3 May 2017
TEn Insurance Services, the network for independent commercial brokers, is pleased to announce a financial success in the first quarter of 2017, with earnings increased by 21% across the whole quarter.
March was a particularly successful month, in which the network first jumped the £5m GWP hurdle in a single month. Also, January saw a 25% increase in GWP and a 32% increase in income.
The network has grown steadily to 109 brokers and the end of 2016 saw GWP increase to about £45m, in respect of 105 normal General Insurance brokers with renewable business. A handful of long-term policy specialists move the overall figure a little higher.
After the first quarter, 2017 is looking very promising and the company expects to reach £50m GWP by the end of the year, even in respect of the non-specialist brokers.
Comments TEn Director James Sharp, “For the past 11 years, January and February have been the weakest months in our calendar and March one of the strongest. Consequently, we have always budgeted to break-even across the whole period.
This year, January surprised us all with strong GWP and margin increases and an unprecedented level of profitability. A pleasant surprise.”