Avantia grows revenue to £26.6m in 2021
Property specialist Avantia has reported revenue of £26.58m in 2021 with a reinvestment by ECI Partners.
This was up from £21.75m the year before.
In a filing at Companies House, the business stated that it grown “strongly” due to continuing to focus on enhancing its pricing, underwriting and data analytics capabilities.
It added that the growth was driven by strong progress in renewal and premium finance revenues.
Operating profit increased to £9.72m, up £2.36m from the previous year, as profit after tax hit £8.35m compared to £6.45m in 2020.
Avantia also grew its team with an additional 11 employees since 2020 giving a total headcount of 74. During the 2021 financial year, Avantia spent £300,000 on staff restructuring.
Avantia Insurance retails home insurance via its brand HomeProtect. According to the company, it can digitally quote for 98% of the UK home insurance market.
Avantia ranked in the £50m-£75m banding in Insurance Age’s Top 50 brokers in personal lines supplement for 2021.
Reinvestment
In March 2014, Avantia completed a £57m management buy-out backed by private equity firm ECI Partners.
ECI reinvested in 2021 from its ECI 11 fund.
In a statement that September the PE house said it made the move after a strong period of growth.
David Ewing, managing partner at ECI, said at the time: “Avantia’s excellent customer retention, proven resilience during the pandemic, and the exciting potential to roll out its decisioning capabilities across more of its chosen insurance segments, makes it a unique proposition in the insurance space.”
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