Acorn Group Reports 41% Growth in Gross Written Premiums

Merseyside-based Acorn Group has reported record financial results for the year ending December 31, 2024, with growth across key metrics including gross written premiums (GWP), customer volumes and average premium levels. 

The company's performance spans its main lines of business: car, van, taxi and household insurance.

The group's GWP reached £742m (US$960m) in 2024, representing a 41% increase compared to the previous year. 

Gross vehicle years—a measure of insured vehicles across a 12-month period—rose by 30% to 607,000, with the firm pointing to both strong retention rates and new business acquisition.

The combined operating ratio (COR)—a metric used in the insurance industry to measure profitability by comparing claims, costs and expenses to earned premium—remained under 90%. 

Acorn attributed this to its underwriting discipline and operational processes. The company also reported a Solvency Capital Requirement (SCR) of more than 160%, indicating its capital position relative to regulatory requirements.

Mike Lloyd, Chief Executive Officer at Acorn Group, says the company's performance in 2024 reflected strategic alignment and execution across its operations.

Market Context and Industry Pressures

Acorn Group's growth occurred against a backdrop of notable shifts in UK insurance markets. 

The UK car insurance industry was valued at approximately £21.9bn (US$28.4bn) in 2024, marking a 14.6% increase from the previous year.

The average annual premium for private car insurance stood at £621 in Q4 2024, reflecting a 2% decrease from the start of the year. 

By contrast, the average cost of van insurance in the UK ranged between £500 and £999, with a notable 35.9% increase between 2022 and 2023.

Within the taxi segment, operators face mounting insurance costs, potentially leading to increased fares for consumers. 

Drivers report substantial premium increases, with some experiencing rises from £1,050 to £1,860 despite maintaining clean driving records.

Technology Investment and Strategic Expansion

Acorn Group identified several factors driving its 2024 performance, including developments in underwriting capabilities, technology infrastructure and customer service operations. 

The company implemented a new policy management system for its direct motor operations and expanded teams across pricing, data science, claims and technology departments.

These changes enabled greater utilisation of analytics and automation in both risk assessment and service delivery processes, according to the company.

The firm has introduced new products and pursued expansion through strategic partnerships and acquisitions. Its Briefly brand was launched to address demand in the short-term motor insurance market.

A partnership with Flock has added capability in the commercial fleet segment. The acquisition of MyPolicy, which focuses on young and low-mileage drivers, strengthens Acorn's position in the market.

The business maintains focus on service quality and staff development. It has sustained a Trustpilot rating of 4.5, based on verified customer reviews. 

Internally, Acorn received Great Place to Work certification in 2024, and maintains commitment to professional development for its 1,700 staff members.

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