Insurance software specialist Policy Master is rebranding itself as the Sirius Group, it announced last week when releasing its preliminary results to December 31, 2000.

It also plans to move its share listing to the Techmark. Policy Master has been listed on the Alternative Investment Market since July 1998.

The company's pre-tax profits rose to £1.62m in 2000, up from £1.57m in 1999. Turnover also grew slightly, up from £16.73m in 1999 to £17.13m last year.

Results for the first half of the year were affected by the delay in the launch of the Sirius product for brokers, but they recovered in the second half.

Last year, the company completed the most demanding R&D programme in its history, said chief executive Steve Verrall.

“We intend, in 2001, to make a considerable impact on our market and set out to achieve further growth both organically and through appropriate acquisitions,” he added.

Policy Master believes that its rebranding will allow it to build on the success and recognition of the Sirius product in the insurance and financial services industry. The move is subject to shareholder approval at the company's AGM in April.

Ian Yeoman, the former finance director of Ultra Electronics Holdings, will join the company as non-executive chairman following the AGM.

He will take over from John Kimberley, who has held the post since the company's flotation in 1998.