Arista on target for profit

Commercial lines underwriter Arista says it is on target to achieve a consistent trading profit from the first quarter 2010 onwards following three years of trading in "tough conditions."

Since it began Arista has established a branch network of seven offices; hired over 100 expert staff; created an online trading solution and launched 11 new products.

The commercial insurance provider was set up by ex-NIG managing director Charles Earle and Lyn Carslake, after securing the investment and capacity of Canopius Group and Equity Insurance Group, which it still retains.

Arista said it will now focus on strengthening the exclusive partnerships with its 300 brokers and launching further products, including professional indemnity.

Arista chief executive, Charles Earle, said: “We are delighted to have reached the three year milestone, and still be on target to achieve a consistent operating profit, despite the thoroughly testing trading conditions of a prolonged soft market and the economic downturn.”

“It has also proved our cost-efficient, regional underwriter based, service-orientated model as, despite the change in market conditions, and competition from larger insurers, brokers still need access to empowered and willing underwriters and to receive accurate documentation quickly. Competition and conditions remain tough but we have now built a solid base which we intend to strengthen and enhance further.”