CBG boss optimistic that good times will return
CBG Group managing director Mike Askew was upbeat about the broker’s prospects despite posting a loss for 2010.
CBG made an after-tax loss of £661,000 for the year, compared with £186,000 in 2009. However, this included a £944,000 loss from the disposal of its personal lines business in February 2010.
The pre-tax loss from continuing operations, excluding the personal lines loss, was £136,000 in 2010, compared with a profit of £36,000 in the previous year.
Askew said the company had had its margins squeezed as a result of continuing softening conditions in the UK commercial market. “It was a challenging year, but we still find ourselves in a position to maximise the upturn when it arrives.”
The company is looking to boost its revenues this year, launching Palm – a strategic partnership with MPS Risk Solutions – in January.
“It’s going to be a long slog, but we’re still in a great position to manage growth and invest in it, and hopefully return the business to the margins it enjoyed up to 2008,” said Askew.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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