M&A and specialisms business drive Bluefin’s growth in 2015
Acquisitions activity and the development of its specialisms business contributed to Bluefin’s growth in the fiscal year 2015, despite a slip in earnings.
The company’s turnover in 2015 reached £121 million, an increase of £3.6 million from £118.2 million for 2014.
It attributed this growth to the continued delivery of its acquisitions strategy and growth within its broking business, in particular its specialisms business.
In 2015 Bluefin completed four acquisitions and introduced Bluefin Underwriting, its managing general agent.
The company's EBITDA for 2015 was £20.5 million, a decrease of £3.3 million from £23.8 million for the previous year.
Robert Organ, chief executive officer of Bluefin Insurance Group said: “Our strategy is one of growth, leveraging the unique position that we enjoy within the UK market place. 2015 really was a year of extremes – from floods to mergers & acquisitions activity in the marketplace and from shock IPT increases to new legislation for the first time in 100 years.
“However, against that backdrop, we continue to maintain our focus on our strategic objectives in order to deliver strong results and I’m pleased that we have delivered another solid financial performance. These figures also represent the positive steps we are taking to ensure our clients are at the heart of our business.
“In 2015 our clients told us that the service we provide is ‘exceptional’ but we are not resting there and continue to build on the progress we’ve made and invest in our people and our infrastructure.
“Like all brokers we are operating in a very tough market. Competition for business remains extremely strong across all aspects of our business however we have seen excellent growth within our Specialisms business.
“I would like to take this chance to thank our dedicated and professional employees for their continued hard work and commitment. They provide our clients with the advice, service and support they need. Without the collective commitment of all Bluefin employees we would not have been able to achieve the strong results of 2015.”
