ULR Additions returns to profit for 2011

Add-on provider ULR Additions returned to a pre-tax profit £2.7m during 2011 after overhauling its management team and renegotiating key contracts.

ULR Additions, which also specialises in First Notification of Loss services, bounced back from a £3.4m loss in 2010, almost doubling turnover to £30.8m last year, from £15.9m in 2010.

Sales of insurance policies increased by 77%, to more than 3.29m. Motor legal expenses insurance, family legal expenses insurance, substitute vehicle and excess protection climbed 90%, and sales of other add-on products were up 21%.

The number of claims handled also increased 106% to more than 130,000 in 2011, compared to 63,554 in 2010.

ULR Additions employs more than 150 staff with a 24/7 claims management call centre operating over two sites in Norwich, and provides 28 insurance products and services; chief executive Rob Kay is keen to increase the offering to 50.

Kay said: “This is a very strong set of results following a year of very hard work from the team. We’ve nearly doubled our turnover and returned to profit with a very healthy increase in sales of our core products and other add-on insurances.

“We have restructured the business with a new management team, renewed our focus on sales and broker relationships and renegotiated our key contracts. By doing so, we’ve put ULR Additions firmly back on a growth trajectory.

“ULR Additions now provides insurance products and services to over 160 UK brokers who choose to deal with us because we understand their needs and offer a first class tailored service to them and to their customers.

“As we approach our year end, 2012 looks like being another successful year. Having significantly reduced the balance sheet deficit from 2010, which was a result of a one-off increase in claims provision, I fully expect to see a positive balance sheet in our 2012 accounts. If so, this will be the culmination of a remarkable two-year turnaround.”