Carole Nash strengthens board on back of records results

Carole Nash Insurance Consultants has significantly strengthened its board with the elevation of four Senior Managers to the board and the recruitment of two Non-executive Directors – including the former Chief Executive of the General Insurance Standards Council.

The move follows the posting of record results by the Altrincham-based insurance intermediary with trading for its 2005 financial year (to October 31 2005) seeing pre-tax profits rising 25 per cent to £2,781,296 (£2,208,384). Turnover rose 12 percent to £25,292,459 (£22,580,022) whilst overall revenues, including £57m. (£56m.) in premium income – the value of policies sold – rose to £70.7m (£68.6m.)

With the company breaking through from small to medium-sized business status it has moved to strengthen its boardroom team. Former Chief Financial Officer Allister Hill has been promoted to Managing Director, whilst three other longstanding members of the senior management team have also been given directorships. Warren Dickson has been promoted to Marketing Director, Dave Bowcock to Operations Director and Sarah Holt to Business Development Director. Each has already given over a decade’s service to the company.

Christopher Woodburn, former head of the GISC, and Robert Newton, Deputy Chief Executive of NFU Mutual Insurance Society, have also been recruited as non-executives. Mr. Woodburn has some 40 years of financial services experience which included a variety of roles at the Securities and Futures Authority where he became Chief Executive. Mr Newton has spent 35 years in the insurance industry, having joined General Accident in 1971 and progressing with the company through a variety of mergers to become a Director of CGNU (now Aviva). His external posts have also included a directorship of the GISC and being a member of the Financial Ombudsman Service General Insurance Scheme.

Commenting on the company’s performance, Allister Hill said: “Our performance in 2005 was more than satisfactory and highlighted the business’s underlying strength. The core motorcycle insurance business saw us consolidating Carole Nash’s market-leading position whilst the strong performance of newer lines, most notably private car, emphasised the immense growth potential of the brand. Backed by a strengthened boardroom team we are confident of securing further significant gains over both the short and long terms.”

The UK’s largest motorcycle insurance intermediary, Carole Nash has successfully diversified in recent years into motorcycle security, service and repair, as well as launching classic and modern car, household and travel policies. It has also created a new Commercial Lines department which will initially focus on the motor trade with whom it already has established business relationships. With around 250,000 policyholders it is now one of the UK’s top 30 insurance brokers (source: Insurance Times).