Company results.
Profit up at loss adjuster
Turnover at loss adjuster Cunningham Lindsey hit £112.3m last year, up from £90.9m in 2006. Pre-tax profit stood at £9.3m last year, up from £7.2m. John Jenner, chief operating officer, said the results, which were in line with expectations, meant the business is “well positioned for further growth”.
Revenue ‘solid’ at MMC
Consolidated revenue at Marsh & McLennan (MMC) hit $2.8bn (£1.8bn) in the third quarter of this year, up 5% on the same quarter of 2007. Brian Duperreault, the broker’s president and chief executive, said he was pleased with the “solid performance“.
€1.4bn Munich Re profit
Munich Re has posted what it admits is a small profit for the third quarter. It said further write-downs of investments and high natural catastrophe losses had had a significant negative impact on its results. For the first nine months, the group recorded a profit of €1.4bn (£1.1bn). In a note to shareholders, Dr Nikolaus von Bomhard, chairman of Munich Re, warned that the “severe volatility” of markets meant the company was unlikely to achieve its predicted €2bn annual profit. “In direct comparison with our competitors, however, we should still fare very well for the year,” he said.
Turnover up at Kwik Fit
Kwik Fit Insurance Services has hailed 2007 as “another highly successful year” after turnover rose to £58.1m, up from £49m in 2006. Pre-tax profit hit £9.3m last year, up from £5.8m in 2006. In its directors’ report the company said the 18% turnover boost was driven by growth in the internet channel. The motor book grew by 24% and household book by 43%.
