Giles loses £37m - Insurance Age

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The figure represents a deterioration from 2009 when the broker lost £22.7m.

The group annual report for the period also showed an operating loss of £6.5m as opposed to a profit of £8.4m the previous year. Its turnover similarly fell from £72.14m in 2009 to £69.98m in 2010.

The directors' report noted that the operating loss included the cost of integrating acquisitions within the group which amounted to £2.9m. During the period Giles bought JHIB Holdings, Westinsure Group, and the UK wholesale

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