Management: At 36, managing director Mark Townsend is one of the youngest principals in the sector. But he’s not having an easy time of it. The broker’s last annual report in November showed that shareholders’ equity almost halved in 2009, when Capita Insurance Services Ltd (CISL) lurched from profit to loss.
Strategy: CISL made a loss of £6.8m for the year to 31 December 2009, compared with a £6.1m profit in 2008, mainly due to administrative expenses. Although its parent company, FTSE 100 outsourcing firm Capita, pointed to the group’s overall profitability, CISL has changed tack, closing its technical loss adjusting business because of “sustained losses” in the unit.
In September 2010 it also bought business services provider First Assist Services – minus the insurance business, which includes First Assist Insurance Services – for £12.5m from Barclays Private Equity.
Expertise: In March Capita clinched a five-year deal with Pets at Home – the UK’s largest pet retailer, with more than 280 retail outlets and a footfall of about 500,000 per month – to provide fully branded pet insurance products for customers.
However, the firm’s portfolio ranges over the commercial and personal lines insurance lifecycle, including the London Market, and accompanying business support services.
Capita Insurance Services Branches
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