News
Continued good progress for THB
THB Group plc, the specialist insurance and reinsurance broker, today announces unaudited half-year results for the six months ended 30 April 2010.
Financial highlights - continued good progress reflected in a strong first half
- Fees and commissions +5%
- Broking profit +21%
- Earnings per share +31%
- Interim dividend +8%
Operational highlights
- Fees and commissions up on organic growth and stronger US dollar
- Two new teams recruited to THB in London
- Costs well controlled - systems changes planned to help drive future efficiencies
Market outlook
- Modest rate rises seen in motor and professional indemnity classes, but timing of a general market hardening remains difficult to predict
- Carriers may react to their unexpectedly heavy first half losses, including the Chilean earthquake and the Gulf of Mexico oil spill
- Recessionary pressure continues on insured values and excess levels
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."
