Investor Presentaiton
Branch Acquisition Rationale
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Opportunity continues as market consolidates
Limited (and declining) competitor activity
Increases ownership of distribution/customers
Low acquisition cost
Certainty of acquisition cost
Only pay on business retained.
Strong retention of customers
Loyal to this channel
Proven track record
Strong acquisition, integration and management teams
High return on capital
Ability to leverage income and margin significantly post acquisition
Scaleable infrastructure/Economies of scale
Increasing volume of business for ERS
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£17.6m Private Car GWP in 2006
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Up from £0.7m in 2002
Good underwriting returns for ERS
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c.10 percentage points better than average for 2005.
equity
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