6% Growth For Local Insurance Broker Russell Scanlan
East Midlands-based insurance broking and risk managing firm Russell Scanlan has announced its latest financial year end figures, reporting substantial growth across the business of 6%.*
The independent firm – which serves a growing regional commercial, SME and private client base and has developed a national reputation in niche sector insurance – has seen its financial bottom line increase, with substantial gains reported in turnover and profit margins.
The company has continued to report increases in business performance, despite the challenges of the recession and subsequent economic instability, delivering steady growth of 20% over the last 5 years.
The corporate division of the business has accounted for much of this recent success with new client wins and the retention of key accounts playing a huge role in the overall performance of the firm.
Russell Scanlan’s new healthcare division, launched at the start of 2014, has already begun to have a significant impact, contributing 2% of overall growth.
This news comes as the East Midlands out-performs every UK region for business growth in the first six months of 2014, according to the Royal Bank of Scotland’s (RBS) Growth Tracker report.
Bryan Banbury, Managing Director of Russell Scanlan, said: “We’re delighted to have secured yet another year of solid growth. This is very much a reflection of our efforts to enter new markets and retain our position as one of the most successful and economically resilient independent insurance firms in the region.
“The new healthcare division has really taken off and we’re writing new business as a result of our expertise in this sector. That’s because in this post-recession era, more employers are looking to boost their staff benefits package in other ways rather than offering a salary increase which very often is not financially viable.
“Our performance across the large corporate, commercial and SME accounts remains buoyant, and that’s down to a more strategic approach to lead generation and cross selling. Overall, we’re delighted with our latest results, and will continue to work hard in going out to the market on behalf of our clients to deliver the best possible service and insurance outcomes.”
Russell Scanlan can be seen as a barometer for how small businesses in the East Midlands are currently faring. As one of the region’s longest established and largest independent firms operating in the sector, Russell Scanlan has a proven track record and a good reputation across the business community.
Based in Nottingham City centre and with offices in Desford, Leicester, the firm offers services ranging from cyber-crime protection to products developed for sectors including healthcare, heritage and museum through to leisure and micro-brewing. It has a wide-reaching and loyal customer base across the East Midlands and the whole country. For further information, visit www.russellscanlan.com.