Arista turns loss into £682,471 profit

Commercial underwriting agency increases gross written premiums

Artista pulled out of the red last year, turning a £941,716 loss into a £682,471 profit (earnings before interest, tax, depreciation and amortisation).

Gross written premiums increased by £7m to £67m, while turnover improved by almost £2m from £7.9m to £9.5m.

Arista also grew business volumes with expenses as a percentage of GWP improving from 15.7% to 13.3%.

Arista is a commercial lines underwriting agency. Lloyd's largest private insurer, Canopius, has a signifcant equity stake and backs Arista with capacity.

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.”

Highlights