Elite Insurance has announced that it has experienced another year of strong results, with its legal expenses division continuing to hold its own, despite the Jackson reforms.
Paul Lavender, the company's financial director, said that for the period 1 April 2013 to 31 March 2014, the insurer was "operating with a substantial surplus on solvency margin".
He said that its audited accounts would be available "soon" but could unofficially say that the company was looking at earnings before tax in excess of £7 million, based on a gross written premium (GWP) of about £115 million.
"Our cash position continues to grow from strength to strength and we expect further GWP and cash growth in the current year,” said Lavender.
Chief executive, Jason Smart, said that Elite's success was down to the contribution of its talented team of staff.
“Over the past year we have received fresh investment funding and have entered into excellent relationships with new business partners, including a number of international top ten brokers and respected reinsurers alike," he said.
"As such, we have grown our skills base considerably to match demand. I am so proud to be the custodian of such a successful enterprise boasting an excellent team of people who are focused on nothing less than giving their all and making Elite into the award winning business it is today”.