Insurance broker posts increase in fee income

Bruce Stevenson, the Edinburgh-headquartered insurance broker, has booked a steady increase in income during a year which also saw the firm bolster its headcount.

Total income for the year to 30 August amounted to £6.6 million, against £6.4m in the previous 12 months.

Trading performance was boosted by a sharp rise in gross written premiums to £30m while the investment in staff recruitment meant gross profit came in at £1.4m against £1.5m in 2015/16.

Headcount at the firm has risen by about 7 per cent to 93 with the hire of senior managers James Geekie, in corporate business development, and Alexandra Richards in the private clients team.

Additional staff members were brought in to handle claims – a key service area – supported by seven staff along with an expansion in IT and marketing.

Edward Bruce, chief executive of Bruce Stevenson, said: “We are now focused on further growth with a focus on our core areas of business and potential acquisitions.”