Besso Insurance Group Limited, the holding company for a group operating as a specialist employee controlled insurance and reinsurance broker, today announces its final results for the year ended 31 December 2015.
The results show strong increases in both brokerage and EBITDA, and a significant increase in profitability.
Financial highlights:
- Turnover from brokerage income up by more than 16% to £37.6m (2014: £32.3m) driven by all product lines
- EBIDTA up 15% to £4.17m
- Long term debt refinanced with Clydesdale bank
Operational Highlights:
- Rob Dowman and Russ Nichols appointed joint CEOs of Besso Limited, the regulated entity, Colin Marshall having retired
- Circa £480m of premium placed across London and local markets
Commenting on the results, Rob Dowman, Besso’s joint CEO, said:
“The Group continues to go from strength to strength with further growth in 2015. There are strong increases in both brokerage and EBITDA, illustrating the hard work and commitment of all the staff within the Besso Group.”
Russ Nichols, Besso’s joint CEO, added:
“We continue to grow at a significant pace, investing in new teams and producers when the opportunity arises. The new financial year has continued where 2015 ended, and there are strong strategic plans for the future. With the help of our staff and shareholders we look forward to another successful year.”
2015 Results Overview
Besso Limited:
Besso Limited, the Group’s principal operating subsidiary and a top 20 Lloyd’s independent broker, bucked the trend of many other Lloyd’s brokers and all core divisions performed well - US Property, Casualty, Professional Liability, International, Marine, Aviation and Reinsurance. Besso Limited continues to build on the strategic changes made in recent years, as shown by further significant growth in 2015. There are strong increases in brokerage, EBITDA and profit illustrating the hard work and commitment of all the staff within the Besso Group which contributed to another successful year. Brokerage income was up 18.5% to £36.4m, EBITDA up 38% to £7.39m and profit before tax showed significant growth up 28% to £5.26m.
International Development:
Turkey has had a challenging year but continues to be profitable. As well as continuing to leverage existing capabilities within the Group, they continue to generate other substantial business opportunities and have expanded their capabilities in Fine Art.
Brazil - The growth of Brazil has been affected by the global energy crisis. The original business plan based a significant amount of income on the expectation that energy would be a major business line for the office. However, this strategy has been re-thought, and Brazil has now focused on the Fine Art area of the business, which is beginning to reap rewards.
Sterling Insurance PTY Ltd - Sterling Insurance continues to be an important part of the Group, in an area of strategic interest to both the Group and the London Insurance Market.
Outlook:
During 2016, Besso have recruited an international P&FR team, who are proving an exciting and dynamic acquisition, adding international coverage to the division which complements the existing North American business.
The Group continues to focus on its growth areas by investing in new producers and new client relationships to grow revenues.
The ability to provide a complete scope of the insurance markets to Besso’s clients (primarily other brokers located overseas) together with hiring talented, passionate people, is at the heart of Besso’s success. There are strong strategic plans for the future. With the help of our staff and shareholders we look forward to another successful year.