Broker makes small profit in six months to September 30
Broking group Cobra has separated its retail and wholesale operations following the sale of its Caterham and Alton units.
The broker has hired John Lincoln to head up the wholesale division. Steve Burrows will head the retail division in addition to his role as chief executive of Cobra Holdings.
The news comes as Cobra made a small £262,000 profit for the six months to 30 September 2011, up slightly from the £230,000 it made in the same period of 2010.
Under Cobra’s new structure, the wholesale division will comprise Cobra Network, Cobra London Markets and Cobra Underwriting Agencies.
The retail division will comprise the other operations of the Cobra group including Cobra Insurance Brokers and Cobra Financial Services.
Cobra announced the sale of its Caterham and Alton units to Aston Scott in September. The deal is expected to close on 30 November.
Cobra’s £262,000 profit for the six months to 30 September 2011 follow on from a £1.9m loss for the full year to 31 march 2011.
Half year revenues were flat at £12m, and the result was improved by lower share-based payment expenses and a lower tax bill.
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