Covéa sees £2m profit drop as GWP jumps by 33%

The provider posted an improved gross written premium at £307m, compared with £230m reported in 2011.

Covéa’s annual results also revealed that the highest paid director received £1.5m in 2012, a near trebling from £565,000 the previous year.

The total emoluments paid to directors in 2012 was £1.9m, up from £1.5m in 2011, and the total amount paid out as compensation for loss of office was £801,000.

Covéa was launched in October 2012 following a merger between MMA Insurance and Provident