Heath Lambert Limited - trading update

Heath Lambert Limited - trading update

UK leading independent insurance broker Heath Lambert announces key trading highlights for the year ended 31 December 2008.

• Heath Lambert generated recurring UK operating revenue from continuing operations of £100 million.

• Earnings before interest, tax, depreciation and amortisation (EBITDA) remains at £17.5m.

• Heath Lambert’s income grew in 2008 through a combination of retaining key existing clients, and expanding its client base with some exceptional new wins. Major client wins and retentions include Crossrail, Bird’s Eye, Thames Tideway, Halma, Orient Express, British Transport Police, and The Football Association. The recent expansion of the Art, Jewellery & Private Client division reported 5 per cent income growth despite soft market conditions.

• The successful integration of the Group’s London-based specialist divisions with its regional distribution network resulted in double-digit growth for Transportation, Cargo, Marine and Terrorism divisions.

• The Heath Lambert regional office network has shown 6 per cent growth, with both the northeast and northwest regions showing good growth. Highlights were Leeds at 13 per cent, Manchester 8 per cent and Newcastle 6 per cent.

• Retail personal lines has reported further growth year on year, up 13 per cent, driven by e-commerce distribution and enhancing the integrated sales model. The motor and liability claims management services also saw double-digit growth, rising by 21 per cent.

• Heath Lambert saw 10 per cent growth in its Healthcare business (both private medical and group risk) ahead of its SME product launch planned for the first quarter in 2009.

Adrian Colosso, Group Chief Executive of Heath Lambert, said:

“The turmoil created by this global economic downturn has had an impact on the insurance industry. It will continue to put pressure on both our clients and competitors during 2009. We live in challenging times, but Heath Lambert is still delivering on its strategic plan. We continue to focus our energies on meeting our client needs while building on our core strengths while retaining a strong and growing international capability.

“We pride ourselves on the excellent client service our specialist teams offer. Which is the reason why we have added so many leading household names to our portfolio this year. Our business is expanding rapidly and our reputation for client expertise is attracting talent from across the financial services community. Our ongoing success is based on the skills, knowledge and energy of our people. This should give us an edge over our competitors as we continue to strengthen our position as a leading UK insurance broker.”

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