Carole Nash focuses on Ireland as profits rise
Carole Nash Insurance Consultants has posted pre-tax profit of £7.6 million for 2008, up from £6.3 million a year earlier.
Turnover at the motorcycle insurance broker rose to £25 million, from £24.9 million in 2007.
The firm, which is owned by French insurer, Groupama, attributes some of the rise in earnings to a range of newly launched add-on policies, such as cover for helmets, leathers and personal accident.
In addition a rise in online sales and increased operational efficiencies boosted profit, with administrative costs cut by £1.2 million over last year.
Chief executive, David Newman, has described the results as particularly satisfactory and indicated that the company is looking to buy motorcycle books, but not brands, from brokers and underwriters.
Mr Newman is also focusing on the company’s business in Ireland, where he estimates its Dublin-based operations have already captured 50% of the motorcycle insurance market.
A new website and products are being launched in the Republic in the weeks ahead.
Category: Car Insurance News, Companies News, Financials, Insurance News
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