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Bluefin hit by £17 million loss

Bluefin hit by £17 million loss

Bluefin hit by £17 million loss Insurance broker Bluefin Group offered a mixed bag as it released its 2015 financial results.

An increase in group turnover – up 3% to £122 million – wasn’t enough to stop the company suffering a £17.0 million loss after taxation and amortisation. However, before amortisation its profits were actually at £1.2 million – compared to a loss of £7.2 million during 2014.

Speaking about the results, Robert Organ, the CEO of Bluefin Insurance Group, highlighted several key achievements including the completion of four acquisitions and the launch of Bluefin Underwriting, Bluefin’s MGA, during the course of the year. It was also noted that 12 new partner brokers had joined the Bluefin Network.

“2015 really was a year of extremes – from floods to mergers & acquisitions activity in the marketplace and from shock IPT increases to new legislation for the first time in 100 years,” he said. “However, against that backdrop, we continue to maintain our focus on our strategic objectives in order to deliver strong results and I’m pleased that we have delivered another solid financial performance.

“Like all brokers we are operating in a very tough market. Competition for business remains extremely strong across all aspects of our business however we have seen excellent growth within our specialisms business.”

Overall, the company’s expenses leapt to £80.1 million during the year – that’s up from £74.2 million in 2014. The figures resulted in Ebitda of £20.5 million – a fall from £23.8 million in the prior year.

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