Hubb targets £15m to £20m GWP for 2023

Challenger broker Hubb is hoping to hit up to £11m in grow written premium (GWP) before the end of this year and has plans to grow further and develop new business lines.

The broker’s founders, Mark Costello and Ed Halsey, spoke to Insurance Age this week about the business following its acquisition of insuretech Digital Fineprint just before Christmas.

The business was set up to focus on usage-based insurance for commercial customers and is believed to be the first of its kind for business customers.

The organisation currently focuses on fleet policies but is planning to expand into leisure, expand its fleet operation and move into professional lines.

Scale
CEO Costello told Insurance Age: “We plan to move into hospitality and other lines and build scale across all our verticals.”

He added: “Our original focus was going to be professional indemnity (PI) but the market is so hard at the moment it is difficult to launch into that so we pivoted to fleet but we do have a smattering of PI customers.”

The business has an insurer panel featuring the majority of the main composite insurers and a number of MGAs.

Currently the business, which is backed by Halsey, Costello and includes Eos Venture Capital as a shareholder, is on track to hit £10-11m in GWP by April this year.

Halsey explained: “Usage-based insurance is shining a light on transparency. Our way to demonstrate transparency is to charge for services used. It’s about the time spent broking. We do not believe commissions have any bearing on what we are doing for the customer.”

The organisation, which features Andrew Rear, the founder of Munich Re’s Digital Partners, as chairman, has built its own tech platform and added Digital Fineprint to its portfolio in order to develop that.

Since it was created in 2020, the team has grown to 43 staff who all work from home. It now has around 750 clients.

For all the latest industry news direct to your inbox, sign up for our daily newsletter.