Ecclesiastical Insurance Group focuses on profit over growth
Ecclesiastical Insurance Group, which is owned by a charity, Allchurches Trust, has seen stable underwriting performance and strong investment returns so far this year.
Mark O’Riordan, group reinsurance director at the insurer, said the firm’s strategy over the medium term continues to be the delivery of moderate growth in gross written premiums by maintaining strong underwriting discipline and focusing on profit over growth.
Looking to the future, O’Riordan said: “At Ecclesiastical we have deep specialist capabilities which we continue to develop through investment in technology and innovation and by providing appealing customer propositions and excellent service.”
He said he was confident about future profitability, but he acknowledged there would be challenges ahead.
“We have transformed our performance in recent years but recognise the importance of not being complacent as we strive to maintain strong levels of profitability.
“To position our business for the future we have implemented some key group-wide initiatives, which include developing and optimising our portfolio,” he added.
In the next 12 months to two years, the insurer’s core purpose will stay the same, he said, which is “to deliver strong and sustainable returns to our owner, Allchurches Trust, and benefit not only our customers but the wider communities we serve”.
Being charity-owned means that the insurer is the fourth largest corporate donor in the UK.
“Our performance at the half year enabled us to grant a further £5 million to our charitable owner, taking us to £70 million towards our target of £100 million in charitable donations by the end of 2020,” he said.
O’Riordan explained that the company’s footprint is the same wherever it operates, be that in the UK and Ireland, Canada and Australia.
“We continue to see moderate growth in our core market segments of faith, education, charity, heritage, care and real estate in all territories.
“Our expertise in these segments is a key differentiator and we will continue to build on and develop our strengths in these areas while maintaining discipline,” she concluded.
