Peach, a trading style of NPA Insurance, grew net premiums by 70% in 2024 as it ceded less business to reinsurance.
While total gross written premiums ticked down year-on-year, by £1.27m to £10.53m, the shift in passing risks to reinsurers meant net written premiums went up to £3.92m.
Russell White, CEO of Peach and parent NPAI, told Insurance Age: “Net growth in Peach has been an important feature of our 2024 result, with reduced utilisation of reinsurance as we grow, enabling us to retain an ever-increasing proportion of what has proved to be a highly profitable portfolio.
“These superior returns have been
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