Walsham Brothers made a loss for 2002 despite hardening rates and a substantial increase in business volumes.
The group, which concentrates mainly on broking reinsurance at Lloyd's but also runs underwriting and investment operations, increased turnover by 35% but still made a pre-tax loss of £1.88m.
The group, which lost £2.25m in 2001, said its largest loss was in its reinsurance business.
It was forced to increase loss reserves for underwriting on the 2001 account and put £1.7m towards supporting its subsidiaries' losses.
Its underwriting business in 2002 made £2.9m on direct business and lost £923,000 on reinsurance.
The biggest profit-making area was underwriting of third party liability direct risks.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
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.
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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
