Profits were down by 16% at Lloyd's broker London Special Risks during 2002.
The fall came as turnover declined by 15.5%. But reserves were boosted over the period.
The company ploughed £52,000 ...
Profits were down by 16% at Lloyd's broker London Special Risks during 2002.
The fall came as turnover declined by 15.5%. But reserves were boosted over the period.
The company ploughed £52,000 into its reserves, increasing them from £402,000 at the beginning of the year to £454,000 at the end.
The directors described the level of business and financial position as "satisfactory".
They reported that they expected business levels to "remain at the same level" for 2003.
The company arranges marine, liability and excess of loss cover and focuses on Europe and North America. Turnover from these two areas fell during the year but there was an increase in business from the Far East and Australia and Latin America.
