TIDMPROG
RNS Number : 9789T
Pro Global Insurance Solutions PLC
04 April 2016
Pro Global Insurance Solutions plc
4(th) April 2016
Pro Global Insurance Solutions plc (the "Group" or "Pro")
2015 Audited Full Year Results
Pro Global Insurance Solutions plc ("Pro"), the specialist
outsourcing and consulting service provider to the global insurance
and reinsurance industry, announced its 2015 results today. The
progress made in 2015 validated the demerger and Pro's strategy to
be an independent insurance service provider. Highlights
include:
-- Positive result from Operating Activities of GBP0.9 million
(2014: Operating Loss of GBP1.3 million );
-- Profit before tax from continuing operations GBP1.6 million (2014: GBP0.8 million loss);
-- Revenues of GBP26.6 million (up from GBP25.8 million in 2014);
-- 35% increase in new business revenue - generated GBP11.5
million of new business (2014: GBP8.5 million; 2013: GBP6.3
million); and
-- GBP1.3 million (8.3%) reduction in direct costs to GBP14.4 million (2014: GBP15.7 million.
During 2015 Pro completed the transition to an independent
service provider and moved to investment in growth and future value
creation in line with its "Client First" strategy. The Group
continues to focus on building strategic relationships with global
reinsurers and insurers through its two principal areas of activity
(consulting and outsourcing) and four client-centric business
lines, namely:
-- Legacy solutions (outsourcing);.
-- Technical outsourcing;
-- Operational consulting;
-- Risk audit and compliance (consulting).
In addition:
-- Consulting revenues rose by 32%, more than offsetting
naturally declining legacy solutions revenues;
-- Pro achieved significant operational efficiencies, expanding
gross margin to 46% (up from 39% in 2014);
-- The Group's US platform developed several new client
relationships with a growing recognition in that market;
-- Pro's German businesses were rebranded to Pro
InsuranceSolutions GmbH and Pro ClaimsSolutions GmbH.
2016 Outlook
Pro is well positioned to pursue opportunities stemming from the
structural change affecting the global insurance and reinsurance
industry. Many clients and potential clients are pursuing M&A,
cost reductions or new operating models. Pro's services are
tailored to assist our clients address these challenges. Meanwhile,
the business environment for outsourcing and consulting services
continues to be characterised by increasing price-led competition,
making it noticeably more difficult to secure new assignments that
meet Pro's profitability requirements.
The Pro team started 2016 with positive business momentum and a
strong pipeline, particularly in consulting and legacy
solutions:
-- In February 2016 Pro signed a multi-year agreement with a
leading global reinsurer and a leading UK insurer to provide
long-tail UK liability claims management services. This important
new contract represents an uplift in overall revenues of around 20%
when compared to 2015. As a result Pro is opening an office in
Glasgow transferring over 50 staff into Pro and creating a centre
of excellence for UK liability claims, in order to pursue further
similar contracts;
-- The Group continues to pursue client opportunities using its
global footprint as a competitive advantage, with ongoing focus on
expanding the US presence
-- Pro has continued to attract talent and invested during early
2016 in strengthening capabilities in Consulting and in
Operations.
Artur Niemczewski, Chief Executive, commented,
"We are extremely proud with the progress made by the Pro team
in 2015. The Pro team continues to consistently execute the "Client
First" strategy, positioning Pro as a successful independent
service provider to the global insurance and reinsurance industry.
2015 was a year of investment in growth, resulting in increased
revenues with significant growth in new business and improvement in
operational efficiencies. 2016 has started with a strong sales
pipeline, against increasing competition, positioning Pro to
capitalise on its global footprint to support the global insurance
and reinsurance market."
Pro's Reports and Accounts for 2015 will be available on the
Company's website (www.pro-global.com).
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:
-- 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
-- Operational consulting: helping improve the efficiency and
effectiveness of client operations and manage major change
-- 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
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., Pro
InsuranceSolutions GmbH and Pro ClaimsSolutions GmbH, the
Chiltington Group (now trading under the Pro brand name) and
STRIPE. 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
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