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29th April, 2010
CFC results - Final
Specialist lines underwriting agency, CFC, today announces another set of impressive results for the year ending 30 September 2009. Gross premium income rose 28% on 2008, and operating profit increased by 41%.
Managing Director David Walsh comments: "What makes this set of results all the more significant in my view is that we have made some large scale investments to re-engineer the business and to develop its scalability. We've done this without taking our foot off the growth accelerator and against the background of a global recession and a very competitive insurance marketplace."
The business has reported significant achievements over the past year in both the development of new products and systems for the market as well as in its own internal businesses infrastructure.
On the product front, CFC entered the Life Sciences sector with the launch of Biosurance® R&D - a blended policy specifically designed for research and development companies in that industry. It also launched a D&O offering and a brand new product suite, MedSurance®, which focuses on small long term care facilities and complimentary medical malpractice.
Regarding technology, CFC has designed and developed a proprietary 'white-label' online system which is available under licence to brokers to manage program or affinity business. This keeps brokers at the heart of the distribution chain but greatly improves their efficiency. David Walsh comments: "We want to specialise in helping brokers make money out of small commercial business and in providing them with a real online edge to compete against the emerging direct writers and aggregators. We are very pleased indeed that demand for the system from brokers has proved extremely strong."
At the same time as creating online systems for brokers, and as a result of being disillusioned with the IT systems available in the market, CFC has also designed and built its own internal computer systems that allows the company to transact business end to end in a truly one-touch or no-touch environment.
In order to manage the next phase of growth, CFC has made a key senior appointment with Michael Grist joining as Finance and Operations Director from TH. And in order to accommodate its growth ambitions, CFC has recently moved to new premises in Gracechurch Street with enough space to more than double its personnel.
David Walsh concludes: "CFC will celebrate the 10th anniversary of the business in April this year but rather than looking back, our focus is firmly on the future. The marketing and technology initiatives that we have built will provide the foundation for the true potential of the business to be realised."
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