One of the biggest online brokers in Ireland is not stopping its expansion into the UK market after posting a 25% increase in turnover last year.
Leading niche insurer Blue Insurance is now projecting revenues of €35 million for this year as it plans for a major expansion, the Irish Times
Blue Insurance managing director Ciaran Mulligan told the publication that the group’s UK business continues to expand with a new travel product to be unveiled soon following the recent launch of a new pet insurance brand in Britain.
He said Blue Insurance is also currently holding negotiations for the launch of its life cover and health insurance products in the UK in the last quarter of 2016.
The broker’s two-year car and home offering will also be rolled out in the UK in 2017, Mulligan added.
Blue Insurance has announced that the group’s turnover grew from €21 million to €26 million after expanding its offering in 2015 to include two-year home and motor insurance products.
According to the report, the company’s UK subsidiary saw a 13% increase in turnover to €10.9 million while the Irish unit’s net profit before taxes dipped from €2.24 million to €2.09 million.
“The company grew in line with expectations in 2015 and we are delighted with the continued growth,” the Irish Times
quoted Mulligan as saying.
Major insurance disruptor Ensurance to launch UK operations
Brokers and insurers – the opportunities to grow