12 Nov 2014 07:00
Date: 12 November 2014On behalf of: Charles Taylor plc ("Charles Taylor", the "Company" or the "Group")
Charles Taylor plc
Trading Update
Charles Taylor plc (LSE: CTR), a leading provider of professional services to clients across the global insurance market, today announces the following trading update. The performance of the Group has been in line with the Board's expectations.
Professional Services
Management Services - provides end to end management of mutual insurance companies.Our Management Services business has delivered a good performance even allowing for the strength of Sterling. The mutuals managed by the Group also performed well on behalf of their members.
Adjusting Services - focuses on adjusting larger and more complex commercial losses.The Adjusting Services business has been affected by the unusually low level of large insured losses across the global insurance market in 2014. The business generates significant overseas revenues, which have also been adversely impacted by the strength of Sterling.
Insurance Support Services - provides stand-alone professional and technical services.The Insurance Support Services business has delivered a good performance, greatly improved from the prior year.
Owned Insurers - owns life and P&C insurers.
The Group's owned insurance companies performed satisfactorily.
Outlook
Overall the Group is performing in line with the Board's expectations.
Commenting, David Marock, Group Chief Executive Officer, said:
"We are pleased with the Group's overall steady performance. 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. 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."
ENDS
Enquiries:
For further information: | |
Charles Taylor plc | www.ctplc.com |
David Marock, Group Chief Executive Officer | Via Redleaf Polhill |
Mike Lord, Group Communications Director
| |
Redleaf Polhill | ct@redleafpr.com |
Rebecca Sanders-Hewett Charlie Geller David Ison
| 020 7382 4730 |
Notes to editors
About Charles Taylor Plc
· Charles Taylor plc is a leading provider of professional services to clients across the global insurance market. The Group has been providing services since 1884 and today employs over 1,000 staff in 60 offices spread across 25 countries in the UK, the Americas, Asia Pacific, Europe and the Middle East.
· The Group offers services, principally on a fee-based model and operates through three businesses - Management, Adjusting and Insurance Support Services. Charles Taylor also owns some insurers.
· Further information is available at www.ctplc.com.
Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.