Lochain profit drop
Profits at Lloyd's broker Lochain Patrick Insurance Brokers dropped for the year ended 31 March 2004 as the company invested in diversification away from its core marine business.
Turnover increased 25% to £6.2m from £5m in 2003 due to "good growth" in marine, according to Lochain Patrick chairman John Southwell. But pre-tax profit fell from £1m in 2003 to £945,328 as the broker diversified into property, accident and contingency insurance and reinsurance.
Southwell said the new business was expected to make a full annual profit in 2004/05 year.
Dashwood profit slump
Lloyd's broker Dashwood, Brewer and Phipps reported a 31% drop in pre-tax profits in the year to 30 June 2004, which also saw it strike a deal to sell 49% of the business. In June, Toronto-based insurance and reinsurance broker Rent Shield Group agreed to buy the stake. The deal, which completes on 1 January, will result in Rent Shield using the broker to place its business into the London market.