8.9% rise at Trade Indemnity
Wednesday 09 August 1995
Insolvencies totalled 840 for the first three months of 1995, a fall of 19 per cent compared with the same period in 1994.
Russell Benzies, financial director, said the levelling-off was indicative of economic recovery, an improved commercial climate and the fact that companies were steering away from high-risk customers.
Tony Brend, chairman, predicted business failures would be 12 per cent overall for 1995 as most insolvencies were reported to TI in the first half of the year. Business failures were expected to stabilise in 1996.
Gross claims paid out totalled pounds 35.8m on continuing operations, a rise of 21.4 per cent, and pounds 10.6m on discontinued operations. Mr Brend said the rise was in line with expectations. The dividend was increased 25 per cent to 0.5p in expectation of significant profits in December. The market reacted by moving shares up 2p to 80p.
TI's Australian subsidiary reported a rise in gross premium income to A$19m (pounds 9m) from A$17.2m, while Canadian figures jumped 37 per cent to pounds 4.1m.
TI said it would focus on expanding international capabilities through new products offered to a wider range of companies, rather than on its traditional UK-based business.
More business is also expected when the company moves to Canary Wharf in 1996.
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