Intermediary FirstCity posts a 41% rise in pre-tax profits of £2.63m for the year ending May 31, compared to the previous year of £1.86m.

Brokerage income has risen 27%, up from £9.8m to £12.5m.

This is the sixth consecutive year the intermediary has posted a rise in results.

Managing director Tim Watkins said the best results were achieved in traditional areas such as insurance for financial institutions, directors and officers and professional indemnity.

Further growth was achieved in the areas of international property and trade credit and political risk insurance. Additionally, FirstCity plans to specialise in interactive website technology.