Also in the news this week ...
Jubilee sells renewals
Ascot Underwriting has bought the renewal rights for Jubilee Managing Agency’s commercial motor account. Renewals due from 11 December 2010 are being invited by Direct Commercial, which will write the business on behalf of Ascot. Ascot chief executive Andrew Brooks said: “We are excited about this promising book of business.” Jubilee chief executive Andreas Loucaides
said: “Our commercial motor book was able to generate profits for many years. However, in the current trading conditions our business model cannot sustain this level of performance.”
Prime continues growth
Professional indemnity broker Prime Professions’ staff costs jumped 22% to £5.05m in the year ended 31 March 2010, from £4.15m in the 2008/2009 financial year, according to a Companies House filing. The increase comes as the average number of staff grew to 60 in the 2009/2010 financial year, from 48 in 2008/2009. Directors’ emoluments increased by 37.2% to £556,328, and pension contributions increased 40% to £90,327.
The emoluments and pension contributions exclude the aggregate emoluments of four of Prime’s directors, whose payment is disclosed in the accounts of Prime parent firms Primary Group Ltd and Primary Group (UK) Ltd.
Turnover for the 2009/2010 financial year was up by £654,413 to £8.75m, which, along with a tax credit, allowed the company to post an after-tax profit of £1.02m, up 551% on the £158,000 it made in the 2008/2009 financial year.