TIDMPROG
RNS Number : 9187I
Pro Global Insurance Solutions PLC
31 March 2015
Pro Global Insurance Solutions plc
31 March 2015
Pro Global Insurance Solutions plc (the "Group" or "Pro")
2014 Audited Full Year Results
Pro Global Insurance Solutions plc is a specialist outsourcing
and consulting service provider to the global insurance and
reinsurance industry. During 2014, following the demerger of its
run-off business, Pro made significant progress as a standalone
insurance service provider. Highlights include:
-- Total Group profit, including associates and discontinued
business, of GBP3.8 million (compared to a GBP33.5 million loss in
2013);
-- Operating Profit* of GBP0.3 million (compared to an operating
loss, on a pro forma basis, of GBP3.1 million in 2013
restated);
-- Revenues of GBP25.8 million (up GBP1.2 million from GBP24.6
million in 2013);
-- New business of GBP8.5 million (2013: GBP6.3 million; 2012:
GBP4.0 million) - an increase of 35% over 2013;
-- Direct costs were GBP15.7 million (down from GBP17.0 million
in 2013) - a decrease of 7.6%.
Following the demerger of its run-off business in April 2014,
Pro launched its "Client First" strategy with the key strategic
goals:
-- To become the number one specialist service provider
addressing complex operational needs of global insurers and
reinsurers;
-- To achieve annual revenue of GBP60 million at a sustainable
net margin of 15% in the medium term.
The Pro team is on track to deliver on the "Client First"
strategy:
-- The Pro value proposition to clients has been redefined and
launched around two principal activities (consulting and
outsourcing) and four client-centric business lines:
-- Risk Audit and Compliance (consulting)
-- Operational consulting
-- Technical outsourcing
-- Legacy solutions (outsourcing)
-- The team has created strong sales momentum; in 2014 the Group
generated GBP8.5 million of new business, more than offsetting the
natural decline of the legacy business, whilst expanding and
diversifying its client base.
-- Pro's leadership and sales capabilities have been
strengthened through further investment in its people, particularly
in the US and Germany, which are seen as the Group's key growth
markets.
-- The Group has reduced its run-rate cost base by GBP1.0
million.
-- The finalisation of the sale of the German risk carrier
Hamburger Internationale Rückversicherung AG resulted in a net gain
of GBP0.4 million and generated positive cash flows to the Group of
GBP2.3 million. Pro retains Chiltington Group which is now fully
integrated and trades under the Pro brand.
-- The Group bought out the remaining stake in ASS, Assekuranz
Service - und Sachverstandigengesellschaft mbH in Germany providing
Pro with a fully-owned claims TPA platform.
-- Pro's financial investment in Asta continues to deliver
stable dividends and share of growing profits.
Artur Niemczewski, Chief Executive, commented,
"We are extremely proud with the progress made by the Pro team
in 2014. We have laid strong foundations to grow the business and
look with confidence to the future. The Board knew 2014 would be a
hard year for Pro as it focused on restructuring the business and
rebalancing the cost base following the demerger of its run-off
business. In contrast, 2015 will be a year of investment in growth.
The year has started with a strong sales pipeline that is well
diversified across all Pro service lines. Pro is now well
positioned to take advantage of opportunities in the global
insurance and reinsurance market, resulting from regulatory change
or growing globalisation of reinsurers."
Pro's Reports and Accounts for 2014 will be available on the
Company's website (www.pro-global.com) later today.
* Operating Profit represents profit from operating activities
before reorganisation & restructuring charges and dividend
income
Enquiries:
Artur Niemczewski, Chief Executive
Pro Global Insurance Solutions
plc 020 7068 8026
James Britton or Guy Wiehahn
Peel Hunt LLP (nominated adviser
and broker) 020 7418 8900
--------------
Notes to Editors
About Pro Global Insurance Solutions plc
Pro is a specialist in the provision of operational outsourcing
and consulting services, focusing solely on the global insurance
and reinsurance industry. The Group's mission is to create value
for our clients at each stage of their operations, by enabling them
to focus on what they do best and helping them improve their
operations. The Group's core purpose is to be the trusted delivery
partner for the operations that matter to its clients.
Pro operates across the entire spectrum of client needs, from
market entry to exit; from live to legacy business. The Group is
best known for its ability to manage the operations that matter
most to its clients and have been involved with some of the biggest
and most complex assignments in the market. Examples include a cost
reduction programme for a global reinsurer through centralisation
of its operations from 15 to 2 locations and the management of over
25 legacy portfolios with collective liabilities in excess of
$5bn.
Pro adds value in four main areas:
-- Risk, Audit and Compliance: internal and external audits
including peer reviews and coverholder audits; providing risk
management and compliance frameworks to ensure compliance within a
changing regulatory environment
-- Operational consulting: helping improve the efficiency and
effectiveness of client operations and manage major change
-- Technical outsourcing: providing underwriting, claims and
technical accounting support to complement internal teams; client
sectors include risk carriers, brokers and MGAs
-- Legacy solutions: managing discontinued business through
outsourcing or consulting to extract maximum value and enable
clients to focus on core business activities; client sectors
include risk carriers and brokers
Pro's people are industry practitioners with many years of
experience of running often complex reinsurance and insurance
operations. The Group's experienced professionals can be trusted to
use their initiative, blending easily with clients' ways of working
and becoming effectively an extension of their teams.
Pro is a global company, operating from offices in London, New
York, Cologne, Zurich, and Buenos Aires, supported by operational
centres in Gloucester (UK), York (US) and Sundern (Germany). The
Group's local knowledge and global expertise ensures we provide a
cost-efficient, round the clock service to support our clients'
operations wherever they might be.
Pro comprises Pro Insurance Solutions Ltd, Pro IS Inc, the
Chiltington Group (now trading under the Pro brand name) and STRIPE
as well as Assekuranz Service-und Sachverständigengesellschaft mbH,
a leading German disability claims management company. Pro also
owns 30% of common equity of Asta, the leading Lloyd's turnkey
managing agency.
Pro is listed on the AIM market.
For more information, visit our website:
www.pro-global.com/investor-relations
This information is provided by RNS
The company news service from the London Stock Exchange
END
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