Insurance broker relocates to city

A FAST-growing insurance group is to relocate its niche motor broking business from Kendal to Lancaster as it plans significant expansion which is set to create 20 new jobs in the city.
 
Principal Insurance has signed a lease on offices at Riverway House, Morecambe Road, Lancaster, in anticipation of significant growth following the company’s acquisition of the Kendal business last year.  

Originally founded as Peart Insurance Brokers, the business offers specialist classic, high performance, high value, kit and replica car insurance.

Kat Blayden-Byrne, who heads the operation, said Lancaster was chosen as its new home because it offers better connections, both geographically and to the wider insurance industry. Those connections will, she said, support recruitment and growth.
 
“Lancaster is not only well served by road and rail but has a sizeable insurance industry presence, with three major national insurers all having significant operations in the city. Both these factors will greatly assist us in recruiting experienced and talented staff to some 20 new roles we expect to create within the next two years,” she said.
 
She added that the business is already seeking candidates for sales and administration posts in preparation for relocation, which is set to be completed in July.
 
Since being acquired by Sale, Greater Manchester-headquartered Principal last October, the motor broking operation has grown its customer base by around 30 percent and specialist home insurance added to its portfolio.
 
Its new owners have invested in a more aggressive marketing programme and gained it access to a broader range of insurers and schemes so that it can better satisfy the needs of car enthusiasts.
 
Founded in 2011 by well-known insurance industry executive Dave Bowcock, Principal claims to be one of the UK’s fastest growing specialist insurance groups.

In its last financial year (ended October 31 2015) the company reported it had secured growth of over 50%t in gross written premium – the value of the policies it sold – which rose from £3.3m to £5m.

The business, which now serves some 25,000 motorcycle, van and specialist car owners, expects to generate £10m in premium this year.
 
Turnover for the year also showed impressive growth, soaring by 120%t to £1.5m (£678,000), allowing the company to break into profit a year ahead of its business plan.  

As well as its Manchester HQ and soon to be relocated Kendal business, Principal also serves Ireland from offices in Dublin which it opened last year.

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