Elite Insurance company trading announcement

Print This Post

26 August 2016


Master Elite Insurance Logo_(green)Elite Insurance have today announced their annual trading results for the period to 31 March 2016.

In what has been, in many ways, a challenging year for the insurance industry, Elite has shown growth in all key areas: Gross written premium, Technical profit, Profit after tax and Net assets.

Profit before taxation has increased from £4.62m to an impressive £11.47m.

Elite key financials 31 March 2016:

(£m) 2016 2015
Gross Written Premium 166.87 160.4
Underwriting Profit 17.41 14.41
Technical Profit 8.67 6.72
Profit Before Tax 11.43 4.62
Cash and Equivalents 80.57 73.75
Net Assets 47.87 37.63

 

CEO, Jason Smart, had this to say, “It has been a challenging year for all concerned. Our team have had to contend with major regulatory change with the introduction of Solvency II in January 2016, increased regulatory oversight and the inevitable pressures on our team as the result of Elite’s growth.

Nonetheless, we have achieved a substantial increase in profitability as well as a comfortable increase in our surplus over solvency requirements under both Solvency I and Solvency II. I applaud our team for the fantastic efforts”.

Other key achievements for Elite during the year under review include the renewal of a major property scheme, the renewal of a number of other valuable schemes and receiving regulatory approval from the SRA for in-house legal firm, Elite Law, which will give the company greater control over the legal aspects of their claims process and will substantially reduce costs.



Associate News is provided by Legal Futures Associates.
Find out about becoming an Associate



Legal Futures Blog

Rating lawyers by their wins and losses – a good idea?

Robert Ambrogi

Lawyers will give you any number of reasons why their win-loss rates in court are not accurate reflections of their legal skills. Yet a growing number of companies are evaluating lawyers by this standard – compiling and analysing lawyers’ litigation track records to help consumers and businesses make more-informed hiring decisions. The shortcomings of evaluating lawyers by win rates are many. Not least of them is that so few cases ever make it to a win or loss. Of equal concern is that, in the nuances of law practice, it is not always obvious what constitutes a win or a loss.

February 22nd, 2017