ICB Group reveals profit rise in 2018

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Broker was recently bought by French firm Verlingue.

ICB Group has posted a pre-tax profit of £1.98m for the year ended 30 June 2018, compared to £1.68m in 2017.

In addition, turnover grew to £11.75m in 2018 (2017: £11.31m) and operating profit increased from £1.91m in 2017 to £2.07m in 2018.

The broker further reported a profit for the financial year of £1.47m (2017: £1.22m).

ICB Group was bought by French broking firm Verlingue in August 2018 and is set to merge with Finch Insurance brokers, also owned by Verlingue, in December 2019.

Brexit
Chief executive officer Neil Campling has previously noted that one of the reasons for the sale to Verlingue was to ensure the broker could continue to trade in the EU after Brexit.

He told Insurance Age that he was very pleased with the 2018 results, adding: “The strategy is to focus on organic growth in the enlarged UK Group, building on the strengths of both entities and supported by the parent company.

“However future acquisitions with the correct business profile and culture can be considered.”

ICB focuses on commercial business, but also specialises in high net worth. It is a placing broker into Lloyd’s through its London Market division.

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