Following on from the success of the Insurance Times Awards, Polaris decided to put on their own ceremony during the imarket Christmas lunch.

Notable winners included Groupama, which took the gong for Smug Insurer of the Year, based on its successful 2004, while Polaris managing director Martin McLachlan took second place in the Pedant of the Year category.

McLachlan told Backchat he was particularly disappointed at not winning as he had just received a memo from the winner that contained "a large number of grammatical errors".