ATL Insurance Group is an emerging force in the heavy vehicle insurance market
The ATL Group was one of Envest’s seed investments in 2016 and in the last three years the company has more than doubled in size.
The heavy vehicle and taxi underwriting service grew from humble beginnings – merging Cabsafe and Austruck (50% owned by Hollard) in 2015.
When Envest acquired the business, it offered Allsafe Insurance brokerage managing director Steve Nichols the opportunity to shift gears and focus his attentions on building the fledgling underwriter. Steve was appointed CEO of Australian Transport and Logistics Insurance Group (ATL) and “four years later, the company has become an instant success”.
ATL is experiencing very strong growth and aims to become a clear third option for brokers in the heavy vehicle industry with more than $20million in gross premium and a target to reach $25 million by the end of the year.
“We have a strong growth trajectory and we are now in a position to capitalise on the momentum we’ve built,” Steve said.
“It’s been a long journey to get alignment between the underwriting profitability and GWP but we’ve done it by sticking to what we know we are good at, providing really good service, digitising and simplifying our processes.”
To date, ATL has targeted the owner-driver market which is worth approximately $300million in GWP. The heavy vehicle insurance industry is worth just under $1billlion in GWP with NTI and Global Transport owning at least 60%.
Steve said ATL had experienced massive growth since the release of their transport package in January which combines heavy motor, downtime, public liability and goods in transit all on one contract. He said the package was making truck driver insurance for brokers a whole lot easier.
“Our ideal target market is a broker and client who doesn’t want to deal with the complexity of heavy vehicle insurance, who just wants a simple, easy-to-use product with great service,” Steve said.
As for where the future will take them, Steve said ATL was well-positioned for sustainable growth.
“We are also constantly looking for other opportunities where we can benefit from bolting agencies together or helping start-ups.”
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