’We intend to keep up the momentum in 2025, delivering brilliant service, driving sales growth and continuing to invest in our capabilities,’ says chief executive
Ecclesiastical has revealed that it increased its underwriting profit in 2024 due to an “exceptionally low year for claims”.
In a trading update today (21 March 2025), the specialist insurer revealed that underwriting profit rose to £47.6m from £24.5m year-on-year, while profit before tax increased from £44.8m to £82.5m in the same period.
Meanwhile, gross written premiums (GWP) rose 4.1% to £640.3m from £615.0m in 2023, driven by new business wins and supported by strong retention and rate strengthening.
Ecclesiastical said the results for 2024 were “in stark contrast to 2023, when we suffered our largest ever UK loss with the devastating fire at St Mark’s Church in London”.
“As the insurer of many iconic and irreplaceable buildings, a major loss or weather event can be a significant driver of our underwriting result,” it added.
“2024 was an exceptionally low year for claims, with no major losses and more benign weather experience in the UK compared to other territories.”
Growth strategy
Mark Hews, group chief executive at Ecclesiastical, added that in the UK, the insurer “continued to execute our growth strategy, by expanding into new sectors and growing in our specialist niches”.
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“We launched our new office professions product, for office-based businesses providing professional services and widened our leisure appetite, following a successful launch in 2023,” he added.
“We continued to build our schemes capability, onboarding several new schemes and grew our art and private client business.
“I would like to thank all our teams for their hard work in 2024. We intend to keep up the momentum in 2025, delivering brilliant service, driving sales growth and continuing to invest in our capabilities.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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