Specialist motor insurer ERS is announcing a profit of £5.6m at the half-year (to June 30th) and a combined ratio of 96.6%. CEO, Ian Parker said “In the first half of this year, ERS continues to go from strength to strength. This is evident in robust underwriting results coupled with the company’s market leading franchise in specialty motor insurance”.
Summary:
- ERS has reported a half-year profit of £5.6m (H1 2017 £13m loss) as the realisation of its motor only, broker only strategy continues to gain momentum.
- ERS’ commitment to the specialist motor market and investment in the business have driven a COR of 96.6% (H1 2017 107.6%). The current underwriting year is performing at a COR of 96.5% showing that the underwriting transformation of the last two years has developed significant traction.
- Gross Written Premium (GWP) of £168m (H1 2017 £212.6m) is reflective of ERS’ commitment to growing the bottom line. It is this commitment that gives confidence for all stakeholders in ERS; customers, brokers, employees and shareholders, offering sustainable, reliable performance and still has potential for further improvement.
Ian Parker commented further:
“The first six months of this year show that the four years of investment in ERS are starting to reap dividends. The strong underlying performance of the business is now being recognised in our financial results. Alongside our unwavering commitment to write for profit, and work with those brokers who have aligned interests across the value chain, our continued investment in technology, risk selection and pricing has positioned us to seize market opportunities. With our specialist classes seeing continued growth our reputation as the go-to specialist motor insurer for brokers stands us in good stead. I’m very optimistic for the future, as is the whole of the ERS community.”
