Kwik Fit Insurance

Kwik Fit Insurance

August 28, 2009 07:58 ET

Kwik Fit Insurance Rises Up the Top 50 Broker List

GLASGOW, UNITED KINGDOM--(Marketwire - Aug. 28, 2009) - Kwik Fit Insurance has been named as one of the top performers of the year in the Top 50 Brokers list for 2009.

The Uddingston-based intermediary has risen two places to 15th in the overall Top 50 Brokers list published by Insurance Times but was also identified as a 'top performer' in the car insurance sector by consultants IMAS who compiled the list.

Amid increasingly-fierce competition in the personal lines insurance sector, KFI was one of the businesses recognised for having not only survived but also grown during an unprecedented period of turmoil in the financial markets. Kwit Fit Insurance managed to grow income in 2008 by nearly 20% and increased its EBITDA margin (Earnings Before Interest, Taxes, Depreciation and Amortization) substantially to 25%.

Brendan Devine, Group Managing Director of Kwik Fit Financial Services said: "Featuring highly in the Top 50 brokers list at a time like this is particularly satisfying. We're delighted to be recognised as having improved our position when the market has become a much tougher place in which to operate.

"We're focused on growing the business across the personal lines spectrum and are working hard to ensure that we maintain our competitiveness and continue to offer a first-rate service to all of our customers."

Oliver Laughton Scott, managing principal at IMAS Corporate Advisers who compiled the list said: "Many of the Top 50 brokers have grown profitability significantly in the year, but margins can be only enhanced so far. It is the combination of growth both in turnover and profitability that is crucial to build shareholder value. In growing its profitability faster than revenue, Kwik Fit Insurance has critically pushed margins ahead, yet maintained a growth culture."

Heading up the Top 50 Brokers list was Aon with Marsh in second place and Willis returning in third.

Note To Editors

Kwik Fit Insurance Services was launched in 1995 and has grown to become one of the UK's leading cheap car insurance distributors, as well as a major presence in home insurance and other insurance markets.

The company's award-winning call centre in Uddingston, Lanarkshire, now employs almost 1000 people, and was named top insurer (17th overall) in the Sunday Times 100 Best Companies to Work For 2009.

Since its launch in 1995, Kwik Fit Insurance Services has grown and developed into one of Scotland's most dynamic contact centres.

Kwik Fit Insurance Services is part of the Kwik Fit Group owned by private equity firm PAI Partners.

The philosophy of the business is to provide the best possible service to customers.

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