Company results
Complete Cover report details outsourcing to South Africa and job cuts
Complete Cover Group introduced a restructuring programme in the fourth quarter of 2021 to significantly reduce the UK workforce with much of the customer facing activities outsourced to South Africa, a Companies House filing has revealed.
One Call reports £6.25m fall in profit, despite rise in turnover
One Call Insurance has reported a drop in profit to £10.75m (2020: £17m) for the financial year ended 31st December 2021.
Devitt grew 10% in run-up to Gallagher sale
Romford-based Devitt Insurance Services has posted 10% growth in turnover to £14.43m for 2021.
RSA sets out strategic roadmap for 2025 with new "broker promise" vow
RSA has revealed its strategic roadmap for 2025 with a target of reaching a combined operating ratio in the low 90s and committed to unveiling a new broker "promise" in 2023.
Somerset Bridge reports £49m loss after Arch Re takeover
Somerset Bridge Group has posted a £7m drop in turnover for its broking arm in 2021 to £50m.
Abbey posts turnover surge as profits rise in 2021
Abbey Insurance Brokers, which trades as AbbeyAutoline, has reported turnover of £26.6m for 2021, up 29.2% on the year before.
TL Dallas posts 10% profit rise in 2021
TL Dallas Group has reported a 5.1% rise in turnover to £9.78m in 2021.
Lloyd’s posts £1.8bn half-year loss
Lloyd's has posted a loss of £1.8bn for the first half of 2022 compared to a profit of £1.4bn in the same period last year.
DR&P Group strikes five deals in 2021 after Inflexion investment
Broker holding company DR&P Group made five acquisitions in 2021 after private equity house Inflexion invested in the business and secured funding from Ares Management, a filing at Companies House has revealed.
PIB set for more UK deals
PIB is set to move forward with more UK deals and is also achieving double digit organic growth according to chief financial officer, Ryan Brown.
PFS figures reinforce scale of financial challenge at CII
The financial performance of the Chartered Insurance Institute has again come under scrutiny as the Personal Finance Society posted its figures for 2021.
Start-up Broadway triples GWP
Broadway Insurance Brokers tripled gross written premium in the past 12 months hitting £4.5m, CEO Daniel Lloyd-John has confirmed.
GRP posts £201m turnover ahead of Brown & Brown sale
Global Risk Partners has reported an operating profit of £71.3m for the year ended 31 March 2022 in its final set of results under private equity ownership.
Romero on track to double its business
Managing director, Simon Mabb has revealed that Romero is on track to achieve its five year plan of doubling its business by 2025.
Ardonagh adjusted Ebitda grows to £186m in H1 2022
Ardonagh has announced that its income rose by 37% to £595m ($791m) and adjusted Ebitda by 21% to £186m ($247 million).
Top 5 read stories: 8-12 August 2022
The top five most read stories by brokers this week.
Policy Expert targets doubling within five years, says CEO Steve Hardy
Policy Expert is aiming to double its one million customer count through further organic growth, adding new lines and potentially international expansion and acquisitions in the next five years, according to CEO Steve Hardy.
Aviva UK sees COR deteriorate and operating profit slip
Aviva UK’s combined operating ratio for H1 2022 has deteriorated to 95.6% and operating profit dropped to £159m from £169m in the same period last year.
PIB 2021 deal costs total £85.5m
PIB Group spent £85.5m in 2021 snapping up eight businesses, the broker’s annual report has revealed with revenue growing to over £230m including 9% organic growth.
GWP up but profit and COR deteriorate for Allianz Holdings
Allianz Holdings has posted a drop in profit of 42%, from £170m to £99m for the first half of 2022.
RSA posts UK underwriting loss
RSA has revealed a £12m underwriting loss for UK business in the first six months of 2022.
Gallagher reports UK organic growth of 8%
Gallagher achieved 8% organic growth in the UK in the second quarter of 2022, Simon Matson EMEA CEO at the firm has confirmed.
Clear CEO sets out organic growth and acquisitions route to £675m GWP in 2025
Clear Group is targeting doubling its gross written premium by the end of 2025 through maintaining its acquisition programme and double-digit organic growth, according to CEO Mike Edgeley.
Clear posts 8% organic growth as 2021 deal spend revealed
Clear Group spent £17.25m on acquisitions during its 2021 financial year as the broker grew revenue to £45m from £28m in 2020.