Kingsbridge reports strong growth in contractor insurance
Kingsbridge Group, a provider of specialist insurance services to skilled contractors, freelancers and the recruitment and utilities industries, has announced strong growth for the year to 31st January 2019.
Kingsbridge reported revenue of £14.6 million for the year. The company said this represents overall organic revenue growth of 20 percent over the previous year, with Kingsbridge’s Contractor Insurance division growing by 25 percent over the same period. Total Gross Written Premiums increased to £30.4 million, a 13 percent increase.
It said the results illustrate the success of Kingsbridge’s strategy to position itself to benefit from the long-term shift in the UK economy away from permanent roles towards a more flexible workforce, allowing companies of all sizes to access highly skilled professionals as and when they need them.
The business has doubled its revenues and customers over the past three years and has recently sold its first policy in Ireland.
Having made two acquisitions in the last 12 months, Kingsbridge says it has now built a unique “waterfront” of brands and distribution platforms with which to address the insurance and other needs of the rapidly growing UK contingent workforce and expand internationally.
James Twining, chief executive, said: “These strong results demonstrate how the investments that Kingsbridge has made in its people, distribution channels and technology have placed us in a unique position to benefit from the rapid growth in the flexible workforce and the resulting acceleration in demand for suitable insurance protection.”
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