Arista reports £1.5m operating loss for 2009
Charles Earle, Arista Insurance chief executive, said the 2009 figures were in line ambitions to make a "consistent trading profit" during year three of trading.
Arista said it recorded an EBITDA profit during the second half of 2009 and that the figures confirm it is maturing from start-up in 2007 to established provider.
The managing general agent (MGA) reported an increase in gross written premium (GWP) to £60m for 2009 (2008: £36m), while turnover grew to £7.9m (2008: £4.3m).
Expenses as a percentage of GWP were down to 15.7% across the year and below 12% in the last quarter of 2009, a figure Arista said it was focused on improving further in 2010.
I
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