Alps reports 21% growth and plans expansion with M&A funds

Alps, a provider of insurance add-on policies, legal expenses and claims solutions for intermediaries, has reported 21% growth for the year ending March 2024. This has exceeded the company’s annual target.

Independent and unencumbered by debt, the provider is now embarking on its next stage of growth, including a healthy war chest for potential M&A.

Julian Tomlinson, owner and chairman of Alps, commented: “We’re delighted with these results against the backdrop of an incredibly challenging year.  We’ve successfully pivoted the business in the last 12 months to focus on our broker add-ons business.

Sales of add-ons have risen across our broad portfolio and broker demand is high for these valuable covers.  We’ve invested heavily in our proprietary technology and the business has reaped the benefits of a 50% uptick in claims efficiency and 13% reductions in cost per claim. We’ve also invested in our people – hiring in those areas that directly support our broker clients.

Our next phase of growth will see us double in size and we have a clear strategic path for achieving those aims through both organic growth and complementary M&A deals.  We are currently looking at suitable acquisitions in our sector.  Alps has a 25-year heritage and an outstanding reputation for ‘doing the right thing’ in a market that has been plagued by some unscrupulous players.  We’ve played the long game, stood by our values and now we’re reaping the benefits of that commitment.”

Alps offers a broad suite of add-on covers including sole trader, commercial, landlord and family legal expenses; motor-related add-ons including excess protect, GAP, tools in transit, vehicle replacement, road rescue and property-related add-ons including landlord excess protect and home emergency, key cover and second property legal expenses.

Image: Canva.

Emma Cockings Emma is a content editor for Claims Media. Emma is a experienced writer with a background in client-centric personal injury for a major firm. She has attended and reported on multiple brokerage events throughout her career.