Commercial lines underwriting specialist Arista Insurance has recorded an EBITDA profit during 2010 of £682,471 compared with an overall loss in 2009 of £941,716.
The figures for 2010 show improvement across the board and were achieved despite continuing investment in resources at all its regional offices and expanding its geographic footprint to support regional trading with its 350 select broker partners.
The full year figures, released today, showed gross written premiums increased by £7m to £67m, while turnover improved by almost £2m from £7.9m to £9.5m. Arista also achieved its challenging ambition to improve efficiency while growing business volumes with expenses as a percentage of GWP improving from 15.7% to 13.3%.
The figures also demonstrate the effort invested in renewal business with a 23% improvement in its proportion of activity to 67% compared with the 44% of activity from renewal in 2009.
The results are in line with the expectations of chief executive Charles Earle who commented: “Arista continues to make strong progress as a high-service alternative to the major established insurers in the UK. Despite the continued soft market and low investment return environment business levels and results have continued to meet expectations. We remain determined to act consistently in underwriting risks on their merits and to work closely with brokers to negotiate pricing changes where exposures and claims records merit them. This may have constrained growth in 2010 but it will yield rewards in the longer term. Once again Arista’s high quality people have risen to the challenge of delivering the best service to our select broker panel through technical competence, experience, dedication and understanding of the brokers position.”
– Gross written premium £67m (2009 £60m)
– Turnover £9.5m (2009 £7.9m)
– Expenses as % of GWP 13.3% (2009 15.7%)
– Managed broker relationships 355 (2009 336)
– Renewal income as % of GWP 67% (2009 44%)
– EBITDA £683k (2009 (£942k))
Source : Arista Press Release
