Church insurer reverses £21.5m loss for first half of 2008
Ecclesiastical has posted £25.7m pre-tax profits for the first six months of 2009, a turnaround from its £21.5m loss for the same period last year.
Gross written premiums increased 9% to £229.9m and combined operationg ratio was 87.9%, compared to 104.5% in 2008.
A reduction in metal thefts due to plunging commodity prices helped keep the lid on claims ratios, while a resurgent stock market boosted investment returns.
Chief executive Michael Tripp said the strategy for 2009 and 2010 would be to concentrate on its core skills.
Tripp said: "The key things that we are focusing on are our niches and not to drift away from being a specialist.
"We have rearranged our roles and have three regional directors and we believe we are leading a more confident and structured sales approach."
For more information see next week's Insurance Times