THB Group releases interim results
Specialist broker THB Group has announced its interim results which show turnover has risen by 20% and its THB UK operation has grown by 29%.
The interim results cover the six months up to 30 April 2009.
The sharp rise in turnover has been put down to a robust performance by divisions inside the Lloyd’s broker Thompson Heath & Bond Ltd.
This includes those from PWS International business, which was acquired by THB in the previous year.
THB UK is a non-broking part of the business, and it also helped drive forward the results due to strong progress in risk management.
Frank Murphy, group chief executive officer, has stated his belief that some carriers were deliberately under-pricing to maintain market share.
Murphy took over the leadership of the firm after founder Vic Thompson retired in April.
Underlying pre-tax profits for the six month period was £2.4m, down £700,000 compared to the 2008 figure.
Category: Financials, Insurance News
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