Independent insurer seeks deals overseas
Thursday 14 August 1997
However, the company expressed confidence about its own prospects despite tough conditions and said it was on the look-out for acquisitions. The group's chief executive, Michael Bright, bought pounds 1m of shares, taking his holding to 5.5 per cent. Three other directors also bought stock. The shares jumped 35p to 945p.
Independent said it was looking for commercial underwriting deals in France and Spain. In the UK it is hoping that rationalisation will offer opportunities to buy UK subsidiaries or accounts.
"The company's market capitalisation is now over pounds 400m so our ambitions can be quite considerable," Mr Bright said. "We are prepared to issue paper for the right deal."
He said that while competition remained intense the outlook was improving: "There is perhaps less stupidity in the market than there was 12 months ago."
Pre-tax profits in the six months to 30 June were 20 per cent higher at pounds 20m. Long-term policy arrangements led to growth in gross written premiums, up by 16 per cent to pounds 270m. However the underlying position was flat, affected by a reduction in motor income as well as a fall in premiums at its French subsidiary.
- 1 Replica Back to the Future Hoverboard released
- 2 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 3 Brixton squat flats now costing up to £3k per month show how out of control rent is in London
- 4 A new (old) cure for MRSA? Revolting recipe from the Dark Ages may be key to defeat infection
- 5 Gamers confess the worst things they've done in The Sims
Costa Concordia: Shipment of Mob drugs was hidden aboard cruise liner when it hit rocks off Italian coast, investigators say
Brixton squat flats now costing up to £3k per month show how out of control rent is in London
A new (old) cure for MRSA? Revolting recipe from the Dark Ages may be key to defeat infection
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Germanwings crash: 'Andreas Lubitz planned to marry pregnant girlfriend', claims German report
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...
Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...
£150 - £190 Daily Rate: Sheridan Maine: One of London's leading water supplier...