The parent company of Ceta Insurance and MGA Arkel has delivered over 25% growth in revenue income and 60% growth in new business.
Leading UK insurance group Atec has announced record growth driven by innovative product development, distribution expansion and investment in data and digital capability across its retail, wholesale 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 90% in the past two years and now manages more than 250,000 policies. Income increased by more than 25% to £14.5million and new business growth of 60% in the year to September. Atec plans to more than double its business again through organic growth in niche insurance lines over the next five years and will continue to pursue further strategic acquisitions.
Atec’s retail arm - which features brands including InsureMy, Compare Caravan Insurance and Compare Boat Insurance - has continued to grow sales of its leisure and household insurance products through digital channels this year. This has been boosted by new products, including landlord and motorhome, and an expanded distribution footprint including through partnerships and price comparison websites in specialist market sectors.
Atec’s wholesale business, Ceta Insurance, this year launched its new Prestige Notional home insurance product, grew its broker footprint, built a dedicated account management team and expanded the user base of its rewards program above 600 brokers. Ceta specialises in non-standard home insurance and launched a revamped website and attained ISO 27001 certification - the global standard for the establishment, maintenance and certification of an Information Security Management System.
Arkel, the inhouse MGA, launched in 2019, has continued its growth trajectory through product enhancements and expanded distribution partnerships over the past year. It secured two 3-year binder deals with A-Rated capacity giving long term stability to the business. Arkel has also extended its distribution on the software houses and bespoke schemes and now operates on SSP, OpenGI, CDL and, in addition, is now working with seven key strategic partners. All of this has contributed to Arkel finishing the current financial year at just over £20m GWP, this will grow to almost £30m in 2023.
Atec has also revamped the websites across all its brands and complimented the existing management team with several new industry hires in order to position itself well for continued growth.
Brendan Devine, Atec Group CEO, said:
"We are a specialist insurance provider with an expertise in providing digital customer solutions in niche lines of business.”
“The impressive growth that Atec has delivered over the past few years is thanks to innovation, investment, and the hard work and dedication of our people.”
“Digital sales through our retail arm have continued to grow strongly, boosted by the launch of new products and partnerships. Our wholesale division, Ceta, has grown its broker footprint thanks to the launch of our notional home insurance product, expansion of our panels and rewards programme, and Arkel, our in-house MGA, has expanded its distribution in non-standard home and landlord insurance through SSP, OGI, CDL as well as bespoke broker builds.”
“This upward trend is set to continue with solid plans in place to more than double the business again through organic growth over the next five years, and we are excited for the future as we continue to expand in niche insurance sectors.”