Starpeak Financials: 27% Uptick in GWP

The word from Starpeak, as they post some very positive results for the opening half of 2024;

Starpeak, the specialist digital distributor of insurance to niche online markets, today announces H1 2024 figures, revealing that the company is on track for another strong year. The insurance provider achieved 27% growth in Gross Written Premiums compared to H1 2023.

Following the roll out of the organisation’s new corporate structure in autumn 2023, Starpeak – previously SportsCover Direct – has been on an upward trajectory. The new corporate structure has allowed the business to differentiate its two individual brands, SportsCover Direct and Protectivity, reflecting its broad offering of services aimed at addressing the UK insurance protection gap.

The Future is Bright 

Starpeak expects to continue building on its success, growing by at least 25% per year and tripling the turnover of the business to £30m in the next five years. The company is forecasted to grow by 29% by the end of 2024.

As part of the insurance provider’s H2 growth objectives, Starpeak plans to launch a new product for tradespeople at the end of July. This will be targeted at small contractors running businesses with up to 10 employees and £750k turnover. Starpeak creates policies for niche SMEs and sole traders where there is market demand, and the policies are underwritten by the likes of AXA XL, Peach Pi and Irwell Insurance.

Julian Hucks, Founder and Managing Director, Starpeak, says: “I am so proud of the growth Starpeak has achieved in the first half of 2024. The team’s unwavering commitment to placing customers at the core of the business is what has and will continue to drive success. We constantly strive to grow and evolve and will maintain this dedication to deliver the very best to our valued customers and partners the rest of this year and beyond.”

Award-Winning Performance Fuels Team Growth

To culminate a strong first half of the year, Starpeak won Gold in the Business of the Year category at the SME MK and Buckinghamshire Business Awards announced in June, recognised for its outstanding initiative, boldness, and imagination in the enterprise. Hoping to maintain its winning streak, the Stokenchurch-based business has also been named as a finalist for the SME National Awards and Buckinghamshire Business Awards, with winners to be announced later this summer.

Following its strong H1 performance, the company is currently recruiting for several positions across the business ranging from finance all the way to sales. From the end of July, Starpeak’s headcount will be 28, up from 23 at the start of 2023.

Andy Brownsell, Commercial Director, Starpeak, adds: “Our impressive growth has stemmed from the efforts put in by the whole team. At Starpeak, we work hard to regularly launch new products, offer additional options with existing products and cross-sell to our existing customer base. We also ensure that our IT and marketing systems remain the best in class – delivering efficiency for both our customers and staff.”