Merseyside-based Acorn Group – one the UK’s leading non-standard providers of car, van, taxi and household insurance to retail customers – has reported record breaking financial performance, driven by significant increases in Gross Written Premiums (GWP), new customer numbers, and average premiums across all major business lines.
For the financial year ending 31 December 2024, GWP reached £742m, reflecting a 41% year-on-year increase. The business also recorded 607,000 Gross Vehicle Years, marking an 30% rise compared to the previous year, highlighting strong customer retention and new business growth.
The Group’s Combined Operating Ratio (COR) remained below 90%, underscoring its rigorous, data-driven underwriting discipline and operational efficiency. In addition, a strong capital position, reflected in a Solvency Capital Requirement (SCR) of above 160%, provides a solid foundation for future expansion and investment.
Catalysts for growth
Acorn’s growth has been fuelled by disciplined underwriting and strategic investments that have reinforced its market position, supported by a commitment to innovation, operational excellence, and data-driven decision-making.
Mike Lloyd, Acorn Group CEO, commented: “This year’s results show the strength of our strategy, the hard work of our teams, and our ability to adapt in a fast-moving market. We’ve seen strong growth across all key lines, driven by smart underwriting, advanced pricing, and a deep understanding of our customers’ needs.”
Strategic investments and key milestones
As part of its long-term strategy, the business successfully completed the roll-out of its new policy management system for its Direct Motor businesses, enhancing operational agility and customer service capabilities. The company also increased its investments in pricing, data science, claims, and technology teams, strengthening its ability to leverage analytics and automation to deliver superior customer experiences and enhanced risk assessment.
Further supporting its innovation agenda, the company invested in the development of new and scale up areas. These have included the launch of the Briefly brand – a new offering designed to capitalise on the short-term car and van insurance market – and a strategic partnership with Flock, expanding its capabilities in the commercial fleet market.
On strategic acquisitions, Acorn Group acquired MyPolicy, a telematics insurance business, strengthening its position as a leader in telematics insurance for young and low mileage drivers.
Mike Lloyd continued: “The investments we’ve made in technology, data science, and automation are already making a difference – streamlining operations, improving risk selection, and creating a smoother experience for our customers. With a solid capital position, a suite of innovative solutions for the non-standard insurance market, and a loyal customer base, we’re in a great position to seize new opportunities and continue to drive profitable growth.”
Positioned for future growth
Kyle Tyrrell, Acorn Group CFO, added: “This performance reflects disciplined execution, underpinned by strong underwriting fundamentals, targeted investment, and a clear focus on sustainable value creation. We’ve grown profitably while maintaining pricing discipline and supporting our customers through a volatile market.
“Our strengthened capital position, below-90% COR, and continued investment in data, technology, and people provide a strong foundation for the next phase of growth. We’re building a business that not only delivers for shareholders, but earns long-term trust from customers and colleagues alike.”
Putting customers and people first
With a consistent Trustpilot rating of 4.5, Acorn Group continues to stand out for its exceptional customer service, transparency, and responsiveness. This rating, based on thousands of verified customer reviews, demonstrates the company’s ongoing efforts to place customers at the heart of its business, ensuring they receive the highest standard of care and support.
Further cementing its reputation as a top employer, the business has been awarded a Great Place to Work accreditation, recognising its commitment to employee development, workplace culture, and career progression. The company places a strong emphasis on nurturing homegrown talent, providing comprehensive training, mentorship, and career development opportunities for all of its 1,700 people.
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