Charles Taylor Q3 results ‘in line’

Insurance services firm Charles Taylor has reported that the performance of the group in the third quarter of 2014 has been in line with expectations.

However, its adjusting services business has been affected by the “unusually low level of large insured losses across the global insurance market in 2014.” It added that the business generates significant overseas revenues, which have also been adversely impacted by the strength of Sterling.

Charles Taylor said its management services business 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.

It added that its insurance support services business has delivered a good performance, greatly improved from the prior year.

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.”