Citynet release 2018 half-year results

Citynet Insurance Brokers Limited (“Citynet”), a leading Lloyd’s Broker offering property, casualty, Motor Fleet, PI and various other classes of insurance has issued its interim half-year results for 2018.

Highlights:

• Strong underlying growth across all departments
• Irish Property Casualty 14% increase in turnover
• UK Property Casualty 12% increase in turnover
• Motor Fleet 27% increase in Turnover
• Profit Growth

Summary:

Comment and Outlook:

The half-year results are now out and Citynet are delighted to have posted its record income figures for the six months to 30^th June 2018.

The above results represent a 15% growth in revenue compared to the first six months of 2017. This is an outstanding achievement in a testing marketplace.

Supporting this growth was an outstanding performance by the Motor department. Andy Walsh, former head of Motor and now Managing Director, said: “I am really proud of the whole Citynet team. It shows what hard work can achieve and I look forward to a similar result if not better for the second half of 2018”

Profit for the period, increased by 9% which was a good performance noting that during the first half of 2018, Citynet invested in strengthening its Underwriting department and a proportion of the costs have been recognised in these results. The anticipated increase in revenue from the expanded underwriting team will start flowing in the second half of 2018 onwards.

David Walland, the CFO of Citynet added: “these are a great set of results of which we are very proud, but we are not sitting around patting each other on the back and already have exciting new opportunities in the pipeline for the second half of 2018.”

Interesting Facts About Insurance…

1. …since 1682 the London market has been providing fire insurance. A metal plate was attached to their building ensuring that if there was ever a fire their insurance company would fight to extinguish it. If the building wasn’t insured the fire wasn’t put out unless it threatened to spread to an insured building.

2. …the world’s largest cigar weighing 110 kilograms and with a length of almost 4 meters was insured during exposure on one of the exhibitions in London for 18,000 pounds sterling, and the premium was only 50 pence. Perhaps because, as claimed by the owner of a cigar, it can only be smoked in no less than 339 days.

3. …about 320,000 people work in insurance in the UK, handling about £1.8trillion of investment.

4. …the first insurance contract in the history, was signed back in 1347.

5. …the fastest, according to Guinness Book of Records, the famous Irish dancer’s legs, of Michael Flatley, were insured for 25 million dollars.

6.  …Today insurance comes in all sorts of shapes and sizes, but perhaps one of the most peculiar policies is ‘hole-in-one’ insurance. Golfers can add ‘big tournament tension’ to their games by offering serious prizes (up to £1million) for anyone who gets a hole-in-one.

7. …British commitment to a range of gambling activities is so strong that “Lloyd” has developed a special insurance policy for insurance of the employer in the event of dismissal of two or more employees, winning the national lottery. According to this policy, the insurer covers the expenses for services incurred by the employer to pay for the recruitment agency.

8. …one of the consequences of the Great Fire of London, which destroyed much of the city 350 years ago, was that it led to the birth of fire insurance and house insurance in general.

The above information is derived from open public sources.