Quinn-Direct Insurance today reported pre-tax profits of €153m in 2004, an increase of 19% on the previous year.
The company said that written premiums increased by 33% to €473m during the year, even though insurance rates have continued to reduce across all business lines.
Quinn Direct said that despite a reduction in average premiums, underwriting margins have been maintained. It said this has been achieved though 'a combination of ongoing efficiency of operation and cost control' as well as strong underwriting processes in all business segments.
The company also reported a positive start to its operations in the UK, where it opened its first sales support office in Manchester. It now employs over 1,000 people in its five offices in Ireland and the UK.
