Half-year rise on the back of just 5% increase in income
Specialist insurance and reinsurance broker THB Group announced half-year results showing fees and commissions up 5% on organic growth and the stronger dollar and broking profit up 21%.
Half year highlights (2009 in brackets)
- Fees and commissions £24.6m (£23.3m)
- Underlying broking profit £3.9m (£3.3m)
- Underlying broking margin 16.0% (13.9%)
- Profit before tax £1.0m (£0.8m)
- Underlying profit before tax £3.1m (£2.4m)
Frank Murphy, group CEO, said: "This has been a constructive six months for the group and we are very encouraged by the positive results so far.
“The insurance market has had an interesting year already, with catastrophic losses, particularly from the Chilean earthquake and European cyclone Cynthia, much higher than normal at this stage in the year.
“Certainly, the oil spill in the Gulf of Mexico has already forced underwriters to revise their rates for energy risks sharply upwards.
“Notwithstanding the uncertainties of both the global economy and the timing of the hard market, we believe that Lloyd's, as a financially secure subscription market, and THB, as a committed supporter of this market, remain well-placed to benefit from these conditions."