Kentro Group is reporting a 19% increase in gross written premiums (GWP) between 2020 and 2021, according to its latest results.
The firm said that it saw GWP jump from £307m to £367m in this period, while turnover turnover increased by 20.7%. Meanwhile, EBITDA increased by 14.4%.
In a statement, Colin Thompson, group CEO of the company said that he was ‘delighted’ to report ‘significant organic growth’ in 2021 for Nexus Underwriting, its specialty underwriting MGA business.
He added: “Despite the challenges of Covid-19 impacting the financial performance of a number of Nexus trading units for longer than anticipated, the spirit and resilience of our employees, in combination with our diversified product portfolio and focus on underwriting performance, delivered impressive levels of organic growth.”
He went on: “In near perfect co-ordination with its sister company, I am pleased to report that Xenia achieved 18% and 17% growth in GWP and Income respectively when compared to 2020. In addition to Xenia’s strong financial performance, Xenia had a successful year of M&A activity, concluding four new acquisitions.”
It was back in February when Nexus Underwriting Management said that it was rebranding itself as Kentro.
The London-based intermediary firm said at the time that it and Xenia Broking will operate as ‘discinct, independent brands’ under the Kentro holding company. Colin Thompson would continue to lead Kentro as CEO. Tim Coles was to remain CEO of Xenia and Thompson as CEO of Nexus.
At the time, there seemed to be a lot of activity around Nexus and Xenia, with the latter picking up Tysers about five weeks before. That transaction was completed on 11th January and marked Xenia’s eighth acquisition, and fifth in the previous nine months, having acquired Peter Hill Credit & Financial Risks in December.
