‘Steady growth’ despite challenging year
South West general insurance firm Cornish Mutual is reporting ’steady growth’ during 2010 ahead of it’s Annual General Meeting (AGM) later this month (Thursday 31 March 2011).
Despite tough trading and bad weather conditions during the year, the company’s Financial Statement for year end 30 September 2010 shows that premiums written increased by 8.6 per cent to £16,463,355 (2009: £15,156,161) with a technical surplus of £291,570 (2009: £303, 918). Profit after tax is listed as £2,040,537 (2009: £1,807,475).
Cornish Mutual’s chairman Gerald Blewett (pictured) will address the AGM being held at the Royal Cornwall Showground, Wadebridge in Cornwall at 2.30pm on Thursday 31 March.
Ahead of the event, Mr Blewett said: "The past year has, as usual, provided many challenges from both weather and insurance compliance. The severe snow in January and February led us to expect a large number of claims, but this turned out to be a lot less costly than originally thought.
"It is pleasing to report another year of steady growth with premiums written passing £16 million, producing a technical surplus of £292,000. An investment income of £1,413,000 and our equity portfolio increasing by £625,000 means a satisfying profit after tax of £2,040,537."
He added, "Our business has continued to develop and grow while our focus of providing insurance to the rural communities of the South West has been maintained. The year has seen significant change within Cornish Mutual as an enhanced focus on Member service has seen many changes in the way we provide service to Members. Further changes are planned as we aim to become even more Member centric and continue our efforts to find new and better ways of providing service to Members."
Over 21,700 Members throughout Cornwall, Devon, Somerset and Dorset have been written to in advance, inviting them to the meeting. All Members are entitled to attend and vote – either in person or by proxy.
At the AGM, two existing board members, Gerald Blewett and Michael Grigg, will be standing for re-election having each served longer than nine years. Graham Shearn will be standing for election to the board for the first time.
Gerald Blewett has long been involved in all aspects of the agricultural sector in the South West; most recently having farmed in a family partnership. He has also held directorships of both Gelly Pigs Ltd and Wadebridge Abattoir. Gerald has been a Member of the Board since 2002, having been appointed Deputy Chairman in April 2006 and subsequently Chairman in 2007.
Michael Grigg’s family has been involved in farming in Cornwall for many generations and Michael, himself, has been a Member of the Cornish Mutual Board since July 1992. He is an experienced beef, sheep and arable producer and runs a mixed farm with more than 1,000 acres in Cornwall.
Having spent his whole career in the insurance industry, Graham Shearn recently retired from Ecclesiastical where he held the post of Group Development Director. During his working life, he has served on a number of UK and overseas company boards.
Founded by a group of Westcountry farmers in 1903, Cornish Mutual is the only general insurer based in the South West. Even today, the company is still owned by its Members, and remains at the heart of rural communities throughout Cornwall, Devon, Somerset and Dorset.
As a mutual organisation, it only works for its Members to make sure that profits are reinvested to ensure, a fair claims process and higher levels of service. The firm has offices in Exeter and Truro, employs around 70 members of staff and provides insurance products for people and businesses across the region.
