THB Group turnover increases to £52m

by Gill Montia

Story link: THB Group turnover increases to £52m

THB Group plc, the specialist broking and risk management business, has reported a rise in turnover to £52 million for the period 1 May 2007 to 31 October 2008.

The increase takes into account the group’s acquisition in 2008 of the Lloyd’s broking business of PWS International Ltd, plus certain overseas interests of the PWS group.

Also announced is the news that THB founder and group chief executive, Vic Thompson, will be retiring in April, to be replaced by Frank Murphy, who currently heads the firm’s Lloyd’s broking operation, Thompson Heath & Bond Ltd.

Commenting on the group’s interim results, Mr Murphy says the investment in Unicorn Underwriting, THB’s new managing general agency, and the establishment of broking operations worldwide have put the company on a strong footing.

Unicorn was set up as a separate FSA regulated company within THB Group in January of last year, initially taking on the group’s existing bloodstock business and with plans to underwrite in excess of £15 million gross written premium in its first year of trading.

THB continues to expand having acquired Globesure, in December. The business was already an appointed THB representative specialising in international property, power, and mining risks.

Further acquisitions are anticipated during 2009.