Principal Insurance makes first ever profit
The broker, which was founded in 2011, reports doubling of turnover in past 12 months.
Principal Insurance has made a profit for the first time since its creation and a year ahead of schedule according to the broker.
It noted that when Dave Bowcock founded the Manchester-headquartered firm in 2011, the business originally targeted its 2014/15 financial year, which ended in October, to break even.
However, the broker noted that a 120% increase in turnover to £1.5m (2013/14: £678,000) meant the company posted a "modest post-tax" profit of £54,000 for 2014/15 reversing a loss of £51
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Bravo strikes MGA deal to offer members drone cover
Bravo Networks has teamed up with MGA Moonrock Drone Insurance to offer its members cover for this growing sector.
Biba weighs in with “grave concerns” on FCA ‘name and shame’ proposals
The British Insurance Brokers’ Association has called on the Financial Conduct Authority to consider the risk of the damaging impact its proposal to name firms at the start of an investigation could have and flagged the danger of serious injustice for innocent businesses.
FCA warns on Tempcover clone
The Financial Conduct Authority has issued a warning of fraudsters trying to scam people by pretending to be short-term car insurance specialist broker Tempcover including on TikTok.
Biba Conference 2024 countdown: Allianz’s Serge Raffard and Nadia Côté
Serge Raffard, MD of Allianz Personal, and Nadia Côté, MD of Allianz Commercial, reflect on what it’s like being one big family following the LV rebrand, rebuilding the Eiffel Tower sustainably on their stand and taking stock when the dust settles.
Acrisure expands in Scotland with WH&R McCartney buy
Acrisure has added to its reach in Scotland snapping up Motherwell-based WH&R McCartney.
Konsileo launches academy and grows peer-to-peer learning
Konsileo has launched Konsileo Academy with four content pillars and expanded its peer-to-peer learning.
Ex-Towergate leader Simon Trott joins travel specialist Ancile
Travel insurance broker Ancile Insurance Group has appointed former Towergate Direct boss Simon Trott as CEO.
Brokers push for more from RSA/NIG
Brokers have given a mixed report on communication levels around the RSA and NIG deal but with the process kicking forwards today have expressed the hope the takeover will make more products available.
Most read
- Wakam receives PRA approval for new £500m GWP UK insurer
- Aviva’s David Martin on the art of the possible
- Brokers push for more from RSA/NIG