Press Release
Paymentshield reports over 40% increase in Premium Income, record sales in Q1 2006 and a review of underwriting contract
Paymentshield has reported premium income of £186 million for the last financial year up by 42% from £132million the previous financial year. Sales in the first quarter of 2006 set a new record including March sales of more than 32,500 mortgage general insurance policies. In April Paymentshield was also ranked as the one fastest growing companies in the UK by the Sunday Times Profit Track 100.
Paymentshield has also announced that it is undertaking a tendering process for the underwriting contract for its general insurance business, currently held by Hamilton Insurance and St Andrews Insurance. This process has been extremely successful with a number of key insurers offering terms to allow Paymentshield to maintain or even enhance the competitiveness of its products. The competition for the contract not only illustrates the attractiveness of the mortgage intermediary sector to insurers but also Paymentshield's position in the market.
Commenting on the progress at Paymentshield, Stuart Pender, Chief Executive said "One of the key drivers of our strong performance has been our commitment to offering a highly competitive proposition in the intermediary market, which we are always seeking to move forward on behalf of our intermediaries. The review of underwriting will ensure that we can maintain or even enhance our offering to intermediaries and their clients and maintain our position as the biggest independent provider of intermediary general insurance".
Paymentshield was subject to a management buy-out in 2004 backed by Bank of Scotland Corporate who provided an integrated debt and equity package. Frank Summers, Director of Integrated Finance at Bank of Scotland said "We are delighted with progress at Paymentshield. The new management team built by Stuart has transformed the business and recent results and the growth in sales are extremely positive".
Paymentshield anticipates making further announcements regarding underwriting later in the summer.
-ENDS-
Notes to Editor:
Paymentshield Limited is the largest independent supplier of general insurance products to the mortgage intermediary sector with current new business levels exceeding 30,000 policies a month. Paymentshield only sells through intermediaries and over 27,000 intermediaries have chosen Paymentshield.
For all further enquiries, please contact:
Stuart Pender
Chief Executive Paymentshield
Tel - 01794 215 366
Mobile - 07802 283 520
E-mail - stuart.pender@paymentshield.co.uk
Tony Langham
Lansons Communications
Tel - 0207 294 3617
Mobile - 07979 692 287
E-mail - tonyl@lansons.com
David Masteres / Inez de Koning
Lansons Communications
Tel - 0207 294 3687 / 0207 294 3623
E-mail - davidm@lansons.com / inezd@lansons.com