A respectable 4% growth in overall revenues to £37.6m in 2012 from a year earlier level of £36.1m is reported today (15 May 2013) by Tyser & Co (Tysers), the independent international insurance and reinsurance broker.

Other key features published in the company’s annual report and accounts include:

  • Pre-tax profit of £6.62m (£6.49m – 2011)
  • EBITDA profit margin maintained at 19%
  • Net assets of £11.8m (£10.65m – 2011)
  • Debt free balance sheet
  • Inter-company dividends of £3.75m paid to parent company, Hawkes Bay Holdings
  • Creation of Limited Liability Partnership structure in the Group (Tysers LLP)

Noting that the company had performed “reasonably well” in 2012, Tysers Chairman, Christopher Spratt stated that the repercussions of ‘Superstorm Sandy’ – which had inflicted US$25bn losses on the market – might have helped to stabilise prices during the year-end renewal season.

The sharp fall in Sterling against most major currencies in the first quarter of 2013, however, was likely to have a positive impact on the company’s revenues for the rest of this year.

In broad terms, most of the company’s broking divisions – led by the Marine and North America operations – increased their revenues compared with the previous year, despite challenging market conditions.

He said: ”We are not shy of incurring expenses in order to improve the services provided to our broking units, so as to ensure that they are supported by a robust and efficient platform. Progress in this area over the last year has been encouraging.”

The fruits of the company’s IT investment, he continued, was becoming apparent with delivery of the Claims Management system which is functioning well. Meanwhile, upgrading of the broking systems is proceeding and is scheduled to be fully functioning in 2013.

2012 had been a “satisfactory“ year, he continued, and what had been achieved over the five years since the management buy-out of Tysers by Hawkes Bay Holdings had been “notable”.

Meanwhile, the Group has created a Limited Liability Partnership, Tysers LLP, as an additional measure to attract and retain the best talent in the market. The Partnership has been integrated into the Hawkes Bay Holdings Group’s corporate structure.

Mr Spratt noted that Tysers had traded as a partnership from its inception in 1820 to 2001 and in the intervening period had sought to preserve as much of the character and ethos of the Partnership culture as possible.

“We believe that the LLP will provide an additional aspirational goal for our employees, whilst providing improved flexibility and profitability thereby increasing shareholder value in the holding company, Hawkes Bay Holdings,” he added.

Speaking today, Chris Elliott, Tysers CEO, said:

We have set ourselves challenging and ambitious targets for growth over the next few years. We are committed to maintaining our investment in proven systems technology and attracting and integrating the best people available into our new structure.