Edinburgh insurance broker Bruce Stevenson opens fifth Scottish office after record year

Bruce Stevenson, the Edinburgh-headquartered insurance broker, is launching its fifth office in Scotland following a record year.

The opening of a Perth office comes as Graeme Christie joins the firm from Marsh Commercial as commercial director and Ian Smith is appointed education sector director.

The expansion follows a record year for the business in 2021, including revenue and gross written premium (GWP) increases of 7 per cent, with trading income up by £600,000 to £8.7 million, and GWP at £44m during the year, according to recently released figures.

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The business confirmed that it was on track for double-digit revenue growth in 2022.

Edward Bruce, CEO at Edinburgh-headquartered insurance brokerage Bruce Stevenson. Picture: Stewart AttwoodEdward Bruce, CEO at Edinburgh-headquartered insurance brokerage Bruce Stevenson. Picture: Stewart Attwood
Edward Bruce, CEO at Edinburgh-headquartered insurance brokerage Bruce Stevenson. Picture: Stewart Attwood

Headquartered in the capital, with offices in Glasgow, the Scottish Borders, Turriff, and now Perth, Bruce Stevenson was acquired by UK and Ireland insurance group Aston Lark in March 2021 and has since operated as an independent brand and separate legal entity.

Christie has more than 25 years’ experience in the commercial broking market, holding various roles with both independent and global insurance brokers. Smith brings some 35 years’ experience in the insurance market, and is said to be a leading adviser to independent schools in Scotland having built “strong working relationships” at bursarial level across the sector.

Christie said: “Bruce Stevenson has some of the most highly qualified and sector specific experience in the market, which gives us a really strong base from which to further expand the business and the team. Having spent most of my career in the Perth and Dundee area, while operating across Scotland and the UK, I’m excited about the new office opening in Perth.”

Smith added: “With Bruce Stevenson providing a local service to schools across Scotland, and backed by the strength and capabilities of Aston Lark, I am greatly looking forward to contributing to ongoing growth in this sector.”

The firm, which was founded in 1981, is also “actively speaking” to a number of independent brokers about potential acquisitions. On the occasion of its last bolt-on deal, in 2018, the business strengthened its offering in Aberdeen and the North-east with the acquisition of Turriff-based Youngson Insurance Consultants.

Chief executive Edward Bruce said: “Our new office allows us to increase our presence in a dynamic part of the country, with a representation from a number of industry sectors which align well with our overall offering.

“Bringing Graeme and Ian on board improves our offering to clients, they are both at the head of their fields, and we look forward to their contributions to the business.

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“After a record year in 2021, we are on course for an even stronger year in 2022, a year in which we continue to build organically and, should opportunities present themselves, by way of acquisition. We will also continue to add top people talent to the business, and are actively hiring along these lines.”

Renewable energy and social housing represent the firm’s two largest sectors, while Scotland’s food and drink industry is a high growth market in which whisky distilleries have represented one of Bruce Stevenson’s fastest-growing sub-sectors.

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Edinburgh insurance broker Bruce Stevenson eyes acquisitions as revenues rise

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