23 May 2016

Our specialist car insurance business is hitting the road!

We’re pleased to announce that our niche motor broking business is to relocate from Kendal to Lancaster as we plan significant expansion which is set to create 20 new jobs in the city.

We’ve signed a lease on offices at Riverway House, Morecambe Road, Lancaster, in anticipation of significant growth following our acquisition of the Kendal business last year.

Originally founded as Peart Insurance Brokers, the business offers specialist classic, high performance, high value, kit and replica car insurance. Kat Blayden-Byrne, who heads the operation, said Lancaster was chosen as its new home because it offers better connections, both geographically and to the wider insurance industry. Those connections will, she said, support recruitment and growth.

“Lancaster is not only well served by road and rail but has a sizeable insurance industry presence, with three major national insurers all having significant operations in the city. Both these factors will greatly assist us in recruiting experienced and talented staff to some 20 new roles we expect to create within the next two years,” she said.

She added that the business is already seeking candidates for sales and administration posts in preparation for relocation, which is set to be completed in July.

Riverway House.

Riverway House.

Since we acquired the motor broking operation last October we have grown its customer base by around 30 percent and specialist home insurance has been added to its portfolio. We’ve also invested in a more aggressive marketing programme and gained the business access to a broader range of insurers and schemes so that we can better satisfy the needs of car enthusiasts.

Founded in 2011 by well-known insurance industry executive Dave Bowcock, Principal are now one of the UK’s fastest growing specialist insurance groups. In our last financial year (ended October 31 2015) we reported growth of over 50 percent in gross written premium – the value of the policies we sold – which rose from £3.3m to £5m. Our business, which now serves some 25,000 motorcycle, van and specialist car owners, expects to generate £10m in premium this year.

Turnover for the year also showed impressive growth, soaring by 120 percent to £1.5m (£678,000).

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