Network reports strong annual results

COBRA has announced an increase in revenue of 68% in its annual results.

The broker network reported an increase in operating profit of 56% and organic growth of 13%.

The company’s profit shares from the network were adversely impacted by the summer floods but It was a busy year in terms of acquisition activity with COBRA buying Tubbs Insurance Services and UKI.

COBRA said its acquisition pipeline remains strong. It has also recently been named by market sources as a potential buyer of the Plymouth-based network Westinsure, in the region of £6m to £10m.

Chief executive Steve Burrows said: “Despite adverse market conditions, we are pleased to report excellent twelve month interim results. The insurance market has seen a significant downturn in premiums within the general insurance sector, but continued growth from our network and underwriting agency has allowed the group to ride the soft cycle and produce significant increases in organic revenues and gross profits."