Intermediary firm, FirstCity has increased turnover from £9.8m to £12.5m in the year ending May 31, according to its results.

Profit before tax also improved, up from £1.86m to £2.63m.

This is the sixth year of continued growth in the group.

Improvements have been noted in traditional areas of business – insurance for financial institutions, directors' and officers' and professional indemnity.

At the same time growth has been seen in international property business, trade credit and political risk insurance.

FirstCity is working with several underwriters to improve its service by providing an online facility that enables solicitors to obtain and accept competitive quotes for their professional indemnity insurance.