Oyster finally makes a profit for Broker Network
Grant Ellis says perception that business was struggling was inaccurate
Broker Network subsidiary, Oyster Risk Solutions, has finally moved into profit after a troubled couple of years that saw it make a £2.3m loss in 2008 and lose 10 business managers.
Grant Ellis, chief executive of Towergate's network division, the parent company of Broker Network, revealed that although Oyster had been losing a "six figure" sum every month at the beginning of the year, it had made a profit in November.
Referring to a report in Insurance Age (August 2009, p3), he said: "The
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