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Highway drives on

Written by News Desk

Friday, 07 September 2007

Highway Insurance said a strong investment performance is behind a 57 per cent increase in pre-tax profits for the first six months of 2007 over the same period for 2006. The Brentwood firm said its investment had placed it in a position to take full advantage of the expected upturn in the motor underwriting market. Highway’s pre-tax profits for the half year ended 30 June 2007 reached £11.8m (H1 2006: £7.5m) while revenues generated stood at £124.0 million (H1 2006: £117.4m). Speaking in the firm’s interim results for the half year ended 30 June 2007, Highway chairman, Richard Gamble, said: “A strong investment performance in the first six months has resulted in an interim result that is well ahead of 2006. “Underwriting conditions remained challenging during the six months to 30 June 2007 and the widely anticipated market recovery appears to be finally under way. We are now seeing strong evidence that premium rate increases are being achieved and the business is well positioned to take advantage of a prolonged upturn as this develops.”

 

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