Highway Insurance is to build on a steady increase in both turnover and profitability with a continued focus on claims cost and growth through its retail arm.
In its interim results Highway reporte …
Highway Insurance is to build on a steady increase in both turnover and profitability with a continued focus on claims cost and growth through its retail arm.In its interim results Highway reported pre-tax profits of £4.9m, up £0.2m on the same period last yearChief executive Andrew Gibson said: "Since 2001 we have a new management team, left the Lloyd's market, introduced new products and cut our workforce from 650 to 430."We are well placed to deal with the soft market and will be maintaining pricing discipline."Gibson said increased profitability would come through controlling claims and expenses in the underwriting arm, and growth through acquisitions and organic growth in Highway's new retail division.He said: "Our combined ratio is 98%, while the business is backed up by a £340m investment fund, one of the highest funds per pound of assets in the market."
Results in brief