ARAG grows reinsurance business
UK legal protection and assistance specialist ARAG plc said on July 12 that it grew its income from the reinsurance business in 2016.
While the consolidated income grew to £12.3 million in 2016 from £11.1 million in 2015, the combined income (including reinsurance business generated back into ARAG SE in Germany) increased by 19 per cent to £31.5 million, generating a £4.2 million profit.
ARAG plc is part of the global ARAG Group, a family-owned enterprise in the German insurance industry.
The company’s gross written premium under management dropped off slightly to £41.1 million from £44.3 million in 2015.
“I’m very pleased that our 10th year in business was such a successful one in spite of what continued to prove challenging times for the legal expenses insurance sector,” said Tony Buss, managing director. “While we have maintained our cautious but flexible approach to the market, ARAG has generated excellent growth in our before-the-event business, particularly with our commercial, family and home assistance policies, and some growth in the after-the-event sector, once we have allowed for the release of provision for pre-LASPO cancellations that occurred in 2015.”
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