Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 21st of May 2019
September 10, 2009

Brightside’s brokerage turnover up 14%

by David Masters

Story link: Brightside’s brokerage turnover up 14%

The insurance broker division of Brightside posted a 14% increase in turnover and a 10% rise in profit for the first half of this year.

Revenues for the six months ending 30 June were £14.4 million, up from £12.6 million in the year ago period.

Profit increased to £2.2 million, up from £2.0 million in the same period last year.

Sales of commercial vehicle policies rose 20% on year, bolstered by the acquisition of the eVan policy book from Southern Rock insurance in the fourth quarter of 2008.

Paul Chase-Gardener, chief executive, praised a “strong” and “compelling” performance amidst a “weak economic backdrop”.

“The wider insurance industry has faced some significant challenges with the focus moving towards underwriting returns in the face of a realignment of asset values and an absence of secure investment returns,” he said.

“Brightside has however secured the necessary capacity through support from its insurer partners to achieve the growth that is now being reflected in the income statement.”

He added that the group is “better placed that most” to take advantage of current market conditions because of its lack of structural debt.

“[Brightside’s] lack of structural debt means it is less exposed to the recent financial turbulence and with current asset values now more realistic, we are seeing some interesting opportunities,” he said.

Overall, Brightside posted a 39% increase in turnover to £21.7 million and a 28% rise in pre-tax profit to £3.2 million.

 

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