Edinburgh insurance broker reveals change of boss as turnover rises by third
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Kenny Hogg will replace current chief executive Edward Bruce on October 1, with Bruce moving to the role of executive chairman. The firm, which was founded in 1981 by Bruce’s father, David Bruce, is now owned by Howden, the international insurance intermediary, which has a headcount of around 14,000 people worldwide, handling some $30 billion (£24bn) of premiums on behalf of clients. It is also the fifth largest employee-owned company in the UK.
Financial results reveal that Bruce Stevenson increased turnover by 30 per cent to £11.7 million in the year to February 28, while posting a profit increase of 33 per cent to £3.9m and gross written premium (GWP) up 18 per cent at £63.2m. Growth during the year was supported by a number of specialist areas, including renewable energy, farms and estates, private clients, commercial, social housing, food and drink, hospitality and tourism, property and whisky distilleries. The firm has also been developing new areas of expertise, in life science and technology, education and risk management.
Bruce said: “Our financials tell a really positive story. We have also continued to grow our specialism across multiple industry sectors, while significantly investing in our people. Our people are absolutely key to our success, and our standard is to be the employer of choice in the sector.”
The broker has made a raft of hires and promotions over the last 12 months and remains in hire mode to support ongoing growth prospects. Bruce said the firm is not ruling out further expansion through acquisition to augment its organic growth: “We are actively looking at a couple of acquisitions at this time, so we may have more news here in due course,” he added.
In 2022, Bruce Stevenson launched its fifth office in Scotland, with a new operation opening in Perth, while Graeme Christie joined the firm as commercial director, and Richard McDonald was recently appointed social housing director. Headquartered in the capital, the firm also has offices in Glasgow, the Scottish Borders and Turriff.