Broker Bluefin posts solid 2014 results in busy year
UK broker Bluefin Insurance Group managed to post improved profits and solid growth in 2014 – a year in which the business also made five acquisitions and launched its own managing general agent.
Its operating profit reached £98m in 2014, a 1.16 percent improvement compared with the £96.9m it made in in 2013. Bluefin said this was driven by increases in its gross written premium (GWP) to £667m in 2014 compared with £635m in 2013.
It was a busy year for the company in a number of ways. It also launched Bluefin Underwriting, a managing general agent (MGA), migrated the company onto new consolidated IT platform called BISCloud and completed five acquisitions in 2014.
Bluefin’s earnings before interest, taxes, depreciation and amortisation (EBITA) reduced slightly by 0.8 percent to 23.8 million last year as a result of the temporary increase in cost base resulting from acquisitions made in the year. Cost synergies are anticipated to be realised in future years.
Robert Organ, chief executive officer (CEO) of Bluefin Insurance Group, said: “We’re pleased with this performance which has been achieved against the backdrop of a tough market and at a time of considerable investment in the future of Bluefin and the implementation of our strategy.
“Within these figures is a story of successful delivery of a number of initiatives to improve the quality of service we can offer our clients. We continue to invest in our infrastructure and technology including the continued development of Bluefin Underwriting and completion of acquisitions. We are building a strong platform from which to develop the business in 2015 and beyond.”
