50,000 THANK-YOUS TO YOU ALL

Posted on Apr 29, 2021

We're delighted to report that Principal Insurance is for the first time now serving over 50,000 policyholders. We'd like to thank each and every one of you in the UK and Republic of Ireland for trusting us to insure your story. We truly appreciate it. The reaching of this milestone comes as we prepare next month to celebrate our 10th birthday.

It's hard to believe it's nearly 10 years since our managing director Dave Bowcock founded a business which is now one of the UK's top 50 personal insurance brokers. In a decade we've grown from two to around 100 employees and now turnover in excess of £7m annually.

Growing stronger

We are continuing to grow - and grow fast. In the last year our policy count has increased by 11% and we now arrange policies collectively worth more than £23m annually. Private motor, motorhome and courier insurance have been key drivers of our recent growth - and pushed us through the 50,000 policyholder barrier. “When I founded Principal, I had an ambition for the company to be both serving 50,000 customers whilst I could still put a name to every member of staff. "Whether within the business or serving customers, I didn't want Principal to sacrifice the personal touch to growth. "I'd like to thank every policyholder and every member of management and staff for helping us reach this milestone."

From bike insurance beginnings

Back in 2011 Dave kick-started Principal as a motorcycle insurance specialist. Then he built upon the knowledge, experience and contacts he'd built over his previous 21 years in the motor and bike insurance sectors. Motorcycle Live 2019 show

Keen as he was to put his expertise at the disposal of bikers looking for the best motorcycle insurance deals, he wanted Principal to offer more. Classic car insurance soon joined the portfolio, followed by other niche private motor lines such as high performance, kit and replica, convicted driver and prestige car insurance. Seeing that motorhome and camper van owners could be better served, Dave decided to add motorhome insurance to the line-up. Further boosted by Covid restrictions promoting the virtues of staycations, motorhome and campervan insurance is currently the fastest-growing area of our business.

Delivering for couriers

The growth in home deliveries fostered by pandemic lockdown has also helped grow our presence in the van insurance sector. We have scored particular success with our courier van insurance as self-employed delivery drivers took up the slack as online orders shared.

The forging of new partnerships with key price comparison sites has also fostered growth. You'll now find us on major platforms such as Compare the Market and Go Compare, as well as more niche players like Honcho and insure4less. These partnerships have in particular benefited our private car insurance business. With the support of our ever-growing and increasingly loyal customer base, as well as our trusted insurance and tech partners, we're on course to grow farther and faster. We promise to keep you posted as we launch new products that may help you insure more of your story. In the meantime a sincere thank-you to you all for your continued support. It goes without saying that we couldn't have done it without you!

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50,000 THANK-YOUS TO YOU ALL