Fortis reports 12% increase in GWP (£581.5m) for first nine months 2007
Fortis has reported a 12% increase in GWP (£581.5m) in its third quarter results.
The company said growth was driven by a 20% year on year increase in GWP for private car and a 9% year on year increase in GWP for commercial lines.
Barry Smith, CEO of Fortis Insurance UK, said:: “Fortis’s combined manufacturing and retail strategy continues to prove successful in both the UK affinity and intermediary markets. Over and above the new deals announced earlier in the year, the significant contracts signed this quarter include AIG Direct, DSG International and The Green Insurance Company, a new subsidiary of Kwik Fit Insurance Services, all of which support Fortis’s growth and penetration into key sectors. The deal with the Green Insurance Company for instance, specifically focuses on the ‘green’ car market. Deals such as this not only increase our motor book but also establish Fortis as a real innovator. This can be seen right across the business.”
Fortis said it continues to see successful overall growth in its retail operations against the backdrop of an increasingly competitive market, specifically in relation to household marketing promotions and the ongoing impact of aggregators on consumer choice and competitor pricing.
