Cobra is set to expand its underwriting operation
Cobra is set to expand its underwriting agency and announce a string of acquisitions after its latest results showed increased profits.
The AIM-listed company saw revenue increase by 68% to £15.1m and operating profit up 56% to £1.8m.
Chief executive Steve Burows said the group was looking to add between £12m and £13m premium income to its underwriting operation, which reported increased commissions of 195% to £1.7m for last year.
He also praised the group’s organic growth of 13%. “We must have one of the largest organic growth rates,” he said. “I don’t think anyone has reported that high as far as we can see.”
The Cobra network, a division of the company, saw its revenue increase by 21% up from £2.6m in 2006. The network, which has 126 members, expects to add a further 25 this year.
But Burrows criticised the Lloyd’s market after the Cobra London Markets reported an overall operating loss of £0.3m. “Lloyd’s is a nightmare really,” he said. “The premiums are still soft and the conditions never change in Lloyd’s.”
After raising more than £1.6m from new shares issued on the London Stock Exchange, Burrows expects to make a number of acquisitions.
He aims to create seven hubs in major UK regions and then build on them with further broker acquisitions to increase regional presence.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
