19 Jul 2007 07:00
19 July 2007 Charles Taylor Consulting plc Trading update
Charles Taylor Consulting ("CTC"), a leading global provider of management, adjusting and claims services to the insurance sector, is pleased to announce that trading for the six months ended 30 June 2007 has been in line with management expectations. CTC will announce its interim results on 18 September 2007.
Highlights during the period include:
Mutual Management
Encouraging progress was made in both existing mutuals and new areas.
Shipping and Workers' Compensation
Our principal client mutuals continue to prosper.
* Several members have added significant tonnage to their entries in the shipping mutuals. * Our largest workers' compensation mutual continues to see growing member payrolls.
Public Sector Unit
* The London Authorities' Mutual continues to develop. Current directors and/ or members include Croydon, Haringey, Islington, Camden, Harrow, Lambeth, Brent and Tower Hamlets. * Progress was made on the project to deliver a new insurance mutual for the UK's Fire and Rescue Authorities. * In conjunction with Marsh UK, CTC has been instructed to develop and implement a new mutual insurance company for Unitary Authorities in the UK.
Charles Taylor Adjusting
As anticipated, a heavy caseload was apparent in most of the businesses that were recently brought together as Charles Taylor Adjusting. This included:
* Instruction on a new aviation account in Mexico. * Instructions relating to exceptional weather-related losses in the United States. * Instructions relating to significant energy losses ranging from the North Sea to the Congo.
Run-off Services
The run-off division continued to explore a number of opportunities. It benefits from its market leading position in the Isle of Man as the largest provider of third party life policy administration services on the island.
Allegro
Following the period end CTC acquired a small group of Bermudian companies from Camlann Holdings Ltd. and Andrew McComb that together have gross assets of US$2.5m and which will be integrated into CTC's existing Bermuda operations. The acquisition, which will be modestly earnings enhancing, will allow CTC to continue to develop its insurance, management and run-off services businesses in the increasingly important Bermuda marketplace and to enhance its existing captive management operations.
John Rowe of CTC said:
"We have had a successful half year's trading and whilst the continued weakness of the dollar may affect our reported results, current trading remains in line with our expectations."
"The Bermudian insurance and captive management markets continue to develop at a relentless pace. The acquisition of Allegro will strengthen CTC's presence in Bermuda and our potential to grow our businesses there whilst enhancing our earnings. We continue to review further acquisition opportunities that will add to the Group's growth."
For more information, please contact:
Charles Taylor Consulting plc www.charlestaylorconsulting.com
John Rowe, Chairman & 020 7759 4903 Chief Executive
Smithfield Consultants Limited 020 7360 4900
Reg Hoare/Katie Hunt Notes to editors
The principal companies acquired are Allegro Insurance & Risk Management Ltd, Wyndham Insurance Company Ltd, Lansdowne Insurance Company Ltd and Allegro Insurance Management Ltd.
Allegro Insurance & Risk Management Ltd. (Allegro) is a Bermuda based captive insurance company manager. In addition to pure captives, Allegro forms and runs Segregated Accounts Companies (SACs) and two group owned SACs - Wyndham Insurance Company Ltd and Lansdowne Insurance Company Ltd - which are regulated insurance companies. Allegro Insurance Management Ltd, manages the owned SACs companies.
CTC companies manage mutuals and captives with combined total assets in the region of US$1.5bn.
CHARLES TAYLOR CONSULTING PLC