Lloyd's broker bucks economic trend

Lloyd’s broker PYV reported revenues up 7% for the year to 31 January 2008, despite softening rates.

The professional indemnity (PI) specialist also slashed its losses for the year by more than 90%.

It posted a pre-tax loss of £14,855 for the 12 months to 31 January 2008, compared to a loss of £255,837 in the previous year.

Turnover was £4.04m, up 7% from £3.77m in 2007, according to documents filed with Companies House.

The company said it had slashed its expenses by 2%, the second year of cost-cutting, which had helped reduced its losses.

It also pointed to improved retention rates and strong levels of new business. Soft market conditions arising from increased capacity across the PI market had made trading difficult, however, it said.

PYV specialises in professional indemnity insurance for independent financial advisers and claims to control about 25% of the market.

The broker had also improved its results for its solicitors’ PI business, it said.

PYV was acquired by Pointon Group from PYV Group in August 2007 for £3.25m.