Broking group Cobra is to enter the reinsurance sector in a move to expand its London market division.
Cobra Holdings chief executive Steve Burrows said the group had invested heavily in its London market operation, employing new teams to develop the reinsurance operation.
He said: “We decided now is the time to get back into the market for that [reinsurance] business.
“If it does well we will expand.”
The news comes as the group, which commenced trading on AIM in July, reported revenues had jumped 53% in the first half of the year, although operating profit remained flat.
Revenues were £7.4m, while operating profit rose 3% to £1.1m compared to the first half of 2006.
The company said growth in network members and strong progress on the underwriting side has given the network a solid platform for progress in the remainder of the year and in to the next period.
Burrows said: “We are delighted with the progress that we have made.
“Next year, we hope to get an absolute minimum of £25m in additional premium income, from just within the retail broking sector.”
