Elite earnings soar
Elite Insurance, LitComp’s Gibraltar-based after-the-event insurer, finished its first full year of trading “ahead of expectations”, the company said. Unaudited results for the year ended 31 March 2007 showed a very “significant improvement over the previous year”.
LitComp’s anticipated earnings before interest and tax were thought to be at least £1.2m, up from £28,000 in 2006. The company added that it anticipated net profit before tax of at least £800,000. The results show improvement but weakness in its medico-legal reporting subsidiary.
Mondial e-tourism surge
Mondial UP, part of Elvia Travel Insurance, boosted its travel insurance sales by 38% in 2006 due to a focus on e-tourism and solid growth in the travel industry. The company said the rise was helped by winning a considerable number of international contracts covering over 29 countries.
In addition the company, which is a member of Mondial Assistance Group, has over 30 partners. They contributed to the doubling of the company’s e-tourism sales last year. Mondial Assistance claimed its e-commerce platform recorded over 1,200 policy sales an hour.