Starpeak delivers 18% GWP growth in strong first half

Provider of SME and specialist personal line insurance reports £8.4m in Gross Written Premium, and a new rolling 12-month sales milestone following its management buyout.

Starpeak has reported a strong first half, with Gross Written Premium reaching £8.4m, up 18% year on year. Sales volumes increased by 14% over the same period, extending the specialist insurance business’s double-digit growth trajectory.

The results come as Starpeak enters its next phase of development following the completion of its management buyout, backed by private equity investor August Equity. The investment supports the management team’s strategy to accelerate growth through continued investment in products, technology and capability, further product expansion and targeted M&A opportunities.

Product development remained a key focus during the period. Starpeak expanded the underwriting appetite of its Caterers product, enabling the business to support a broader range of risks, and enhanced its Tradesman proposition to strengthen the customer offering.

Starpeak also entered into a new partnership with CIMSPA, becoming a Benefit Partner and providing eligible members with access to specialist insurance at preferential rates. The partnership extends Starpeak’s reach within the sport and physical activity sector and provides a new digital proposition tailored to the needs of professionals working in the industry.

The business continued to invest in its brands and digital proposition, launching a new website for its long-established sports and travel insurance brand, SportsCover Direct. The new site is designed to support the brand’s continued growth in the sport and travel market.

Andy Brownsell, CEO of Starpeak Insurance Solutions, said:

“We have made a strong start to the year, delivering double-digit growth while continuing to invest in the products, brands and technology that will support our next phase. This performance reflects the work of teams across the business.”

“Reaching 180,000 customers is an important milestone and demonstrates the momentum we have built.”

“Following the management buyout, we have an ambitious team, a clear strategy and the backing to invest in the areas where we see the greatest opportunity. We are pleased with our progress at the halfway point and remain focused on carrying that momentum into the second half.”

Image provided by Canva

Alicia Ward