Diversification helps CFC towards 26.7% profit rise

Independent managing general agent CFC has posted a 26.7% rise in earnings before interest, tax, depreciation and amortisation (EBITDA).

It made £4.4m on turnover of £12.4m in the year to 30 September 2013, giving it an EBITDA margin of 36.6%.

Turnover, which it derives from commissions from insurers on whose behalf it writes, grew 27.6% from £9.7m.

Commission from the UK and EU grew from £1.8m to £3.1m, while commission from outside Europe grew from £7.8m to £9.3m.

CFC increased staff numbers from 47 to 64 during the period. It hired Simon Richardson to head up its growing property practice and is also developing its terrorism product.

Managing director David Walsh said: “It’s been another successful year at CFC. We rebalanced our existing portfolio towards the more profitable areas and still demonstrated very healthy growth over the past 12 months.

“On top of that we have diversified into a number of new business lines and attracted some very talented new underwriting teams and individuals from some of our most esteemed competitors. Our passion for our business combined with our culture of doing things differently is a magnet for the very best underwriters in the London insurance market today.”