Lorica reports losses for 2016 at broker and group level

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Lorica Insurance Brokers has reported a loss after tax of £1.18m for the year ended 31 March 2016, an improvement on the £1.58m lost the previous year.

A filing at Companies House showed that turnover at the broker increased by 9% to £13.24m (2015: £12.16m).

The business' operating loss also improved to £1.25m (£2015: £1.88m).

The broker reported achieving a client renewal rate of "over 90%".

Profit
In the document the company highlighted that its business model is based upon recruiting

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