ICB reported nearly £2m in pre-tax profit

Broker ICB Group has reported a moderate rise in operating profit for the latest financial year. 

The company, which was bought last year by French broker Verlingue, saw profit before tax reach £1.9m compared with £1.6m for the previous year.

Revenue also increased slightly to £11.7m, a 4% rise, which was achieved organically, ICB pointed out.

Commenting, chief executive Neil Campling said: “Following the acquisition of ICB Group by Verlingue in July 2018 the Group is working closely with colleagues at Finch in Manchester, a fellow subsidiary of Verlingue, to achieve continued growth and to become a prominent independent insurance broker in the UK.

“The strategy is to focus on organic growth in the enlarged UK Group, building on the strengths of both entities and supported by the parent company. However future acquisitions with the correct business profile and culture can be considered.”

ICB focuses on commercial insurance and high net worth clients. It also places business into Lloyd’s via its Lloyd’s Markets division. 

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