Ecclesiastical reports interim results
Ecclesiastical has announced its interim financial results, covering the first six months of the year.
Gross written premiums grew by 4.5% (£9m) compared to the previous year, reaching £210.8m
However, the firm made a pre-tax loss of £21.5m, whereas in 2007 it enjoyed a profit of £28.7m.
Shareholder funds fell by £11.6m to £350.3m, and UK claims costs fell to £44.7m from £49.8m.
In the first three months since being acquired, South Essex Insurance Brokers made a marginal profit of £0.4m.
Michael Tripp, group chief executive, expressed satisfaction with the firm’s underwriting discipline, and pleasure with the more than 90% niche customer renewal rate.
Although claims costs fell, Tripp explained they remained high due to metal theft, which has not been eased by the recent upsurge in commodity prices.
In addition, the difficult insurance market and stock market conditions mean that the environment remains turbulent.
Tripp has stated that the firm’s goal is to consolidate its core business, and to allow the firm to grow sustainably.
Category: Insurance News
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