InsurE-com made an operating loss of over £4.4m on a turnover of almost £700,000 in 2002. This compares with a loss of £2.7m on a turnover of £1.7m in 2002.

InsurE-com chief executive Jim McGuiness said turnover fell dramatically because a consultancy contract with a Swedish organisation had ended. He said losses grew because InsurE-com bought the source code for its system, incurred development costs and purchased its Tam back office system in 2002.

In 2002, InsurE-com paid McGuiness' consultancy, JMG Consulting, £116,600.

McGuiness said that a substantial investment had been made by the company's major investor, Heracles, to fund future development. Heracles is controlled by John C Head III and M Ivy.