Cox has announced it expects to expand its business despite increasing competition in its core motor market.
Speaking at its AGM chairman Peter Owen said: "We see continued strength in the diversified segments of our personal lines business, and are confident that overall our business will continue to grow in 2003.
"Management of our broad spread of niche businesses is ensuring that this growth will be profitable despite competition in the private car market. Underwriting performance has been very encouraging and we anticipate that our combined ratio will continue to be at the forefront of the market."
Owen added: "These businesses [broking] are trading well and we are continuing to improve margins, conversion and retention rates and overall efficiency, in order to improve our profitability despite competition in the market. We are encouraged about new business prospects in our direct business."
