Bristol based ARAG posts impressive growth figures
ARAG plc, the Bristol-based legal protection and assistance specialist, has announced 12% growth in premium under management for 2015, its ninth full year of trading.
In what have been turbulent times for the legal expenses insurance sector, ARAG UK’s Gross Written Premium (GWP) under management increased from £39.6m in 2014 to £44.3m in 2015, generating a pre-tax profit of £2.7 million.
Managing Director Tony Buss comments: “2015 was another highly successful year for the company especially given the contraction of the after-the-event insurance market that has continued since the introduction of the Legal Aid, Sentencing and Punishment of Offenders Act in 2013.
“The challenging market conditions look set to continue, with greater regulation, further legislation and the recent Insurance Premium Tax increase all playing their part, but ARAG’s positive and highly proactive approach to market challenges puts the company in a highly competitive position.