But Chief executive David Marock says loss adjusting division primed for growth
Charles Taylor has reported a 39% jump in profit before tax to £9.6m for 2014, compared to £6.9m for the previous year.
This was largely driven by the group’s management services division, which saw profit climb to £7.7m for 2014 from £6.6m in 2013, and the insurance services division, which returned profit of £2m following a £0.9m loss in 2013.
This was partially offset, however, by a drop in profits of more than 50% at the group’s adjusting services arm following a benign claims year in 2014.
Charles Taylor reported profits from the division of £2.2m for 2014, compared to £4.8m in 2013.
Chief Executive David Marock told Insurance Times that the company’s loss adjusting business had performed well over 2014, despite the prevailing low level of large claims, and predicted the loss adjusting market to return to growth in the future.
“Our loss adjusters have such a strong standing in the market that they’ve continued to get a very good, steady flow of instructions,” he said. “If you look at the revenue in that area of the business they are up year-on-year but the profits are not because we continued to invest in new teams, systems and people.
“We’ve taken the view that strategically this is a space we are committed to, and we see the opportunities and therefore need to continue to build the organisation so that when the claims environment returns to a more normal level we will be very well positioned to support those claims and our clients.”