COBRA annual profits up 56% on year

by David Masters

Story link: COBRA annual profits up 56% on year

Broker network COBRA has reported its annual results, with operating profits up 56%.

Total revenue increased by 68%, partly due to organic growth of 13%.

The UK summer floods last year dented profits somewhat. However, COBRA made a number of acquisitions throughout the year, including UKI and Tubbs Insurance Services.

COBRA is hoping to make more acquisitions this year. Their next acquisition target is expected to be Westinsure, based in Plymouth, and valued at £6-10 million.

Steve Burrows, COBRA’s chief executive, responded to the results: “Despite adverse market conditions, we are pleased to report excellent twelve month interim results.

“The insurance market has seen a significant downturn in premiums within the general insurance sector, but continued growth from our network and underwriting agency has allowed the group to ride the soft cycle and produce significant increases in organic revenues and gross profits.”