London-based insurance holding firm
Minova Insurance marked a milestone year in 2016 as revenues exceeded £100 million for the first time, it has announced.
The group saw its EBITDA (earnings before interest, tax, depreciation and amortization) grow 26% to £17.4 million. It also reported a spike in operating profit from £1.3 million to £16.1 million.
“This was driven by our absolute focus on putting our clients at the centre of what we do, as well as our on-going investment in top industry talent across the Group,” said Dane Douetil, Group CEO of Minova Insurance.
Minova Insurance has a refinancing with partner Pricoa, which will be used to redeem a significant proportion of its Capital Z preference shares this year. The firm said this will boost its future financing costs by 23% and provide a financial basis for the business without increasing financial leverage.
“The refinancing with Pricoa will further strengthen our financial position, which will provide the Group with a competitive advantage to capitalise on existing opportunities. With our clear vision and strategy, as well as a client-centric focus, underpinned by the necessary financial resources and first class employees, I have full confidence that we will continue to outperform the market,” Douetil added.
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