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- Atec has achieved 34% organic growth in turnover and is on track to exceed £25m in 2024.
- The Group – which includes Ceta Insurance and MGA Arkel – also delivered 22% growth in new business.
- Record growth has been driven by Atec’s innovative product development, distribution expansion and investment in technology and talent.
Leading UK digital insurance group Atec has announced a record growth in the year to September 2023 driven by innovative product development, distribution expansion and investment in data and digital capability across its wholesale, retail and MGA businesses.
Atec - whose brands include retail consumer platform InsureMy, wholesale B2B property specialist Ceta Insurance and MGA Arkel - has grown policy numbers by 22% in the last year to more than 300,000. Turnover has increased by 34% from £14.5m in 2022 to £19.5m with the foundations in place to achieve £25m in 2024.
The business has enjoyed significant growth in its non-standard home offering – through both existing and new channels – boosted by the launch of its new non-standard home and landlord products and several new key partnerships.
Atec has also outperformed in each of its leisure business lines, with both touring and static caravan enjoying strong growth, while motorhome has gained significant momentum since its launch in 2022, with more than 10,000 policies now sold, estimated to be 4% of the entire market.
The business has also continued to invest significantly in technology and talent - with the recruitment of senior leaders including Ant Sherlock as Group Distribution Partnerships Director - which has allowed the business to scale profitably.
Brendan Devine, Atec Group CEO, said: “The outlook for the business continues to be extremely positive with over 20% organic growth forecast in 2024. Atec will continue to build on its track record of product and digital innovation which, coupled with its scalable platform, makes the business ideally placed for ongoing success via both organic and inorganic growth.”