SEIB Insurance Brokers grew revenue by 1% to £12.4m in 2022, a year that concluded with it becoming part of Lloyd & Whyte.
According to SEIB, the organic growth was due to maintaining renewal rates and winning new business.
However, in a filing at Companies House, the business noted that the “economic squeeze” at the end of the year had hit consumer parts of the business such as equine and personal lines which “quickly saw a downturn”.
Profit
Operating profit and profit after tax were both down year-on-year.
Operating profit fell 17% to £1.97m at the schemes specialist while post-tax profit dropped 11% from £2.54m in 2021 to £2.25m.
“The pressure to also support the business and retain the skilled workforce was impacted by increased costs on wages and also providing cost of living payments in June and December to support our teams,” the document reported.
“Where the top line of the business has remained healthy the impact of spiralling costs has effected the bottom line profitability.”
Headcount at the firm remained stable at 133 in 2022, just three ahead of the 130 people the prior year.
Ownership
Ecclesiastical Insurance, part of Benefact Group, which rebranded last year, bought SEIB in 2008.
Ahead of the name change Benefact had invested in Lloyd & Whyte in 2020, taking a 20% stake and has been increasing the shareholding over time with full ownership expected to happen in 2026.
As previously reported by Insurance Age, Ecclesiastical sold SEIB’s parent company South Essex Insurance Holdings to Lloyd & Whyte for £45.2m in a deal that completed on 30 December 2022.
Targeted
Looking to the future, the SEIB directors wrote: “The strategy of the directors is to achieve long-term organic growth whilst also seeking to expand by acquisitions, as and when the right opportunities arise.”
Adding: “Plans are in place to focus on the core parts of the business with growth opportunities targeted on the main sectors, providing solutions for clients to weather the financial uncertainty 2023 will bring.”
For all the latest industry news direct to your inbox, sign up for our daily newsletter.
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