Loss adjuster Merlin profits up 64%
Merlin Professional Claims Services has reported it results for the year ending 30th June 2008, with turnover up 33% and profits up 64%.
The loss adjuster’s turnover for the year was £65.5 million, whilst profit was £3.4 million. This is compared to turnover of £49 million and profit of £2.07 million for the 2006/2007 financial year.
Merlin’s strong performance follows a rebrand six months ago of the merged AMG, CGS and Sigma businesses, as well as the appointment of a new chief executive and a new chief financial officer.
The company said increased profits were due to its extra workload from the UK floods, and because of gains in market shares.
During the 2007/08 financial year Merlin repaid £1.1 million of its senior bank debt; an additional £2.2 million was paid off in July 2008.
The company’s mission is to provide a total solution for commercial, household, complex, and liability claims, delivering the full range of claims services demanded by the insurance industry.
Its goal is to see every claim – whether simple or complex – through its complete lifecycle, all the time exceeding customer expectations.
This focus on customer service and holistic approach to claims has seen profitability and growth improve across the group, including within all its loss adjusting divisions, as well as its repair and restoration, surveying, household, and commercial divisions.
Chief executive Richard Webster said his company is ‘committed’ to providing long-term value for its customers, and it does this by constantly looking for employees with exceptional talent.
He added that Merlin’s business philosophy is to provide a ‘first-class service’ alongside managing and controlling indemnity spend by focusing on the total cost of claims. This helps the business reduce costs caused by leakage and fraud.
Category: Financials, Insurance News
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