Perth-based insurance broker sees profits jump

CLARK THOMSON: Successful first year under new owners Marsh Commercial

Perth-headquartered insurance broker Clark Thomson saw its profits more than double in its first year under new ownership.

The firm, which was acquired by Jelf in May 2018, provides insurance broking services to small and mediumsized (SME) businesses, with particular expertise in the agriculture, renewable energy, food and drink and retail sectors across Scotland.

Newly filed accounts show the film, which also had a Dundee office, recorded sales of £12 million for the year ending April 30 2019, generating a profit of £1.85m.

The profit figure is a jump on the previous accounting period, which covers 13 months to April 30, in which the firm had revenues of £12.2m and a pre-tax profit of £860,000.

Jelf announced in September that it was to rebrand as Marsh Commercial.

In the account’s strategic report, Marsh Commercial’s chief finance officer, Oranye Emembolu, said on a consistent basis, turnover had increased on the prior year by £755,000 or 7%.

He said the firm’s expenses had reduced in the year due to its staff levels dropping from an average of 204 in 2018 to 185 last year.

Mr Emembolu said the insurance sector remained “highly competitive”.

“The focus for the company growth is to maximise business retention, develop new income streams, be disciplined around organic growth and gain supply chain value,” he said.

“The company commitment to community broking across Scotland is evident and is a significant differentiator for the company.”

He said Clark Thomson had a focus on delivering excellent service by understanding customer needs and “design insurance solutions with the best price and terms”.

He said the firm ensured claims were “settled fairly and paid quickly”.

“The company’s success is dependent on providing a consistently high level of service to its clients by treating our customers fairly, maintaining independent relationships with insurers and maintaining our commitment to continually developing staff,” he added.

Marsh Commercial’s acquisition of Clark Thomson followed its purchase of the Bluefin insurance broker network from AXA in 2017.

In December Marsh Commercial announced it was to close 14 branches throughout the UK as part of a company restructure.

Among the closures was its Forfar office, which previously traded as Bluefin.

Picture: Steve Macdougall. Clark Thomson’s headquarters in Perth.