Commercial lines underwriting specialist Arista Insurance has recorded a 21% increase in income in the first half compared with the same period in 2009. The figures confirm that Arista is now comfortably in profit both on an EBITDA and profit before tax basis.
The achievement follows the announcement in May that Arista had achieved strong growth and an EBITDA profit during the second half of 2009. Growth has continued into 2010 and is in line with Arista’s aim to achieve a consistent trading profit in year four, while maintaining underwriting discipline.
Arista is in fact performing slightly ahead of income target for 2010 and despite the additional growth it continues to operate extremely efficiently as renewal volumes build with overall expenses increasing by less than 1per cent compared with the first half of 2009.
The consistently positive figures confirm the ambition of Arista’s management team and mark its arrival as an established provider.
Chief executive Charles Earle said: “Despite the uncertainty of the current commercial insurance market, we have established positive trends in 2009 and the first half 2010 which we aim to continue through to the end of the year and beyond.
“Arista teams across the UK have responded to the challenges of the market and worked exceptionally hard to deliver great half year results. It is the effort of our dedicated teams and the brokers that support us that continue to drive Arista’s successful development in a challenging market.
“The emphasis remains on delivering excellent service to our brokers, developing our proposition to them, improving operational efficiency and building the skills and capabilities within the organisation.”
