Arron Banks' Eldon Insurance sees profit rocket

Eldon Insurance has seen profits rocket 165%, in a significant boost for founder and major shareholder Arron Banks.

Pre-tax profits have risen to  £6.541m in 2018 (2017: £2.467m) and broking income to £87.6m (2017: £77.6m).

Chief executive Liz Bilney said: ”Eldon performed strongly in 2018 focused on a strategy of continuous improvement, cost control and delivering online solutions for our customers.

“We expect to see trading to continue to be strong in 2019.”

Eldon is now focusing on artificial intelligence and machine learning to grow the business, which has more than 400,000 customers.

Gross written premium has just passed the quarter of a billion wartershed, helped by premiums rising around 3% in the second and third quarters of the year. 

Eldon offers products across car, home, commercial, life and specialist lines.

Earlier this year, Martyn Holman joined as non-executive director and Sir Mark Boleat as non-executive chairman.