Hitachi reveals profit rise
The independent PPI and MPPI provider has seen premiums written grow by 46 per cent from £23 million in 2004/5 to £33.7 million in 2006/7, whilst profit before tax increased by 120 per cent from £964 thousand to £2.118 million for the same period.
Steve Lawler managing director of Hitachi Capital Insurance stated “Since moving out of the extended warranty market to focus on finance related insurance, we have seen a dramatic increase in new business signed through our intermediary networks.”
In September 2005 the firm formed a strategic alliance with Advent Solutions Management Ltd to sell MPPI products through mortgage brokers and IFA’s under the brand name Securah. “This will give us greater presence in the market from which we expect to see healthy sales.” Steve concluded.