Cooper Gay reported its best year in 2002 and predicted further improvements.

The broker, which handles mainly reinsurance, saw its numbers for the year ended 30 September 2002 swell as a result of its acquisition of 51% of German broker Junge.

The former Eon subsidiary would produce about E12m (£8.4m) income for 2003, said group chief executive Toby Esser.

He said the group would produce brokerage close to £47m for the 2003 year.

He did not disclose a figure for 2003 pre-tax profits but said it would be a "reasonable increase" on the 2002 figure of £7.5m.

He said reinsurance brokers were entering a "transitional market" as some sectors saw falling rates while others continued to rise.

Long-tail classes were still holding up compared to the reductions being seen in short-tail classes.

Esser said: "2002 was the best year we ever had and 2003 will be a record year again."

The Junge acquisition required the group to book a £10,440 charge for the company's pension scheme, which it paid from the profit and loss account.

The group also made top-up payments into its UK-defined benefit scheme, which closed to new members last year. The scheme was nearly £10m short of what it needed.


  • Profits before tax £7.5m, up from £4.4m
  • Turnover £40.2m, up from £29.4m
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