Cornish Mutual announce £2.5m pre-tax profits
Cornish Mutual, the only general insurance firm based in the South West, has described 2009 as a challenging but profitable year.
The firm, which is holding its AGM in a week’s time, saw written premiums rise by 2.4% to £15.2m with a technical surplus of £303,918, despite the ongoing difficulties in the economy and prolonged severe weather conditions.
Cornish Mutual recorded investment income of £1.2m, and achieved pre-tax profits of £2.5m.
Chairman Gerald Blewett has stated that 2009 was a very challenging time, with Devon seeing subzero temperatures in December and January, and the county suffering heavy snow in February.
Blewett added that the firm’s financial hit from the worst winter in decades was less than the £1.5m initially feared.
The firm’s AGM on 25 March will see three present board members (Jerry Davison, Alan Goddard and Michael Grigg) standing for re-election.
Category: Financials, Insurance News
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