Employee-owned insurance and reinsurance intermediary, Glencairn, has posted a 47% hike in its operating income in the year to 31 March.
by Tristan O'Carroll
Employee-owned insurance and reinsurance intermediary, Glencairn, has posted a 47% hike in its operating income in the year to 31 March.
Detailing its results, the intermediary said it generated
£14.5m income last year, while pre-tax operating profit increased by 209% to £2.3m. Profit after tax increased by 348% to £1.4m.
The results cap a successful year for the operation, which was formed out of the management buy out of London market broker Glenrand.
At the same time, Glencairn announced the appointment of Steve Hearn as group chief executive with effect from 1 August. Hearn joined the group in September 2002 when he was appointed as Managing Director of Glencairn Affinity.
Andrew Wallas, chairman and chief executive said: "Steve Hearn joined Glencairn in September 2002 and has already had a significant impact on the group through his leadership of our successful affinity operation.
"Our results, the first as an independent company, show both income and profit growth at record levels. The unrelenting dedication of our colleagues, the loyalty of our clients and the support of the insurance market continue to be the key ingredients of our success."
