LONDON (Alliance News) - Charles Taylor PLC Wednesday said that its adjusting services business, which focuses on adjusting larger and more complex commercial losses, has been hit by the low level of large insured claims, but that its overall performance has been in line with its expectations.
In a statement, Charles Taylor, which provides professional services to clients across the insurance market, said the adjusting services business' performance, which also has been hit by the strength of sterling as it generates significant amounts of its revenue outside the UK, is in contrast to its management services and insurance support services businesses.
According to Charles Taylor, management services, under which it provides end-to-end management of mutual insurance companies, had a good performance, even allowing for the strength of sterling.
Its insurance support services business, which provides stand-alone professional and technical services, delivered a "good performance, greatly improved" from the prior year.
"Whilst the unusually low level of large insured claims across the market has affected our adjusting services business, our strategy of investing in new adjusting offices and senior staff puts us in a strong position to benefit when insurance claims return to more normal levels," Chief Executive David Marock said in a statement.
"Our management services business has delivered a good performance alongside the much improved performance of our insurance support services business. This demonstrates the resilience of our diversified business model," Marock added.
Charles Taylor also said its owned insurance companies performed satisfactorily.
Charles Taylor shares were down 0.1% at 250.00 pence on Wednesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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