Ockham Holdings is set to take an 84% stake in software house New Millennium Technologies, it has revealed in its preliminary results.
Profits after tax improved over the year from £1.6m to £4m – although this figure exludes exceptional gain on disposal of stockbrokers Wise Speke, and £2.2m one-off costs from a merger with New London Capital.
Last year Ockham ploughed £2.5m into NMT, which will be converted into an 84% equity stake in the company in due course.
Ockham has also confirmed plans that it is to move its motor syndicate Highway out of Lloyd's and into the company market.
In January Ockham launched HighCo, a new insurer regulated by the FSA rather than Lloyd's back with £40m capital.
HighCo is expected to take over the underwriting on Ockham's corporate syndicate 2037.