Lark’s profits dip…
Lark Group’s operating profit has slumped 14.1% to £2.7m from £3.1m in March last year. Turnover, however, was up 9.7% to £19.9m. The broker said the lift resulted from acquisitions made in the year and organic growth.
… While Cobra’s rise
Cobra Holdings’ pre-tax profits have been boosted by £797,000 to £305,000 after a loss last year, while turnover soared 54% to £23m for the year ending 31 March. The group said it had benefited from significant investments from Wainford Holdings, which provided a £6m drawdown during the financial year and a further £1m in July through a convertible loan. A spokesman said: “This has enabled us to significantly reduce our bank borrowings … and allowed us to expand our network facilities and provide an equity release scheme for members.”
Moody’s has given a negative rating outlook to Flagstone Reinsurance after its failed bid to merge with IPC Holdings. “The recent trend toward consolidation could make it harder for smaller reinsurers like Flagstone to maintain strong credit fundamentals,” said Kevin Lee, senior credit officer at Moody’s.