Avantia, the virtual insurer behind the Homeprotect brand generated a turnover of £31.4m in 2022, up 18% on the previous year. Its gross profit grew by 14% to £24.1m and EBITDA (pre non-recurring items) was up by 11.3%. The company increased customer numbers by 26%.

Mark Eastham, CEO at Avantia Group, said: “We continue to see significant opportunities to use the capabilities we have developed for the non-standard home insurance market to target the broader home insurance market.

“Having now completed the transfer of all our pricing capability on to our proprietary Cortex platform, we are accelerating our rate of innovation in this area. We also believe that the new pricing regulations are supporting these wider market ambitions as they remove the ability of the market to cross subsidise new business.

“Our work to position our brand and operating model for broader market expansion continues, with investment in the new members of the management team already making a big difference.”

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