Cox confirms HML shutdown and CanDo sale...
Cox Insurance Holdings reported a fall in interim
profits, announcing it would exit a number of unprofitable businesses.
Pre-tax profit for the first six months of the year was £13.7m, down from £28.3m last year, as Cox made a number of write-downs relating to business it planned to exit.
Cox said it was writing off some £10m to cover the
"discontinuation" of its broker guaranteeing operation, HML and disposal of software arm Brokersure. Insurancetimes.co.uk broke this story yesterday.
Chairman Peter Owen said: "Non-recurring costs at £4.1 million include £2m in respect of the aborted Highway transaction, £0.9m in respect of senior management changes and some £0.5m in respect of restructuring central finance systems."
The company also reported a combined ratio on its retail underwriting operation of 81% resulting in a £30m profit from gross written premiums of £167m
