Tuesday 6 December 2016

Blue Insurance begins talks to enter life and health markets

Published 26/06/2016 | 02:30

'Managing Director Ciaran Mulligan said that based on trading thus far, the company expects turnover to reach €35m in 2016.' File photo: Depositphotos
'Managing Director Ciaran Mulligan said that based on trading thus far, the company expects turnover to reach €35m in 2016.' File photo: Depositphotos

Insurance intermediary Blue Insurance is in negotiations to start providing life cover and health products in the Irish market by the end of the year.

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The talks - with one of "the leading providers in the market", which the company declined to name - emerge as the company posted a near-25pc increase in turnover in 2015, taking in €26m after expanding its offering to include two-year car and home insurance products. Pre-tax profit remained around the same level, at €2.4m, due to one-off investment costs in a new premises, IT, and the launch of car and home insurance, the company said.

It added that it had seen a growth in niche products, including gadget and pet insurance.

Managing Director Ciaran Mulligan said that based on trading thus far, the company expects turnover to reach €35m in 2016.

He said the company was definitely going to launch the health and life products but wants "to tie up the right deal to make our products more unique than anyone else".

The company has been approached by a number of investment houses in the past year but expects "to continue on a self-funding path for the time being".

"We've been self-funding since we started... the profits we make will go back into reinvesting in the business. I'd never say never [on taking investment]... my perception would be if someone comes in, you lose that flexibility. Okay, you have the funds to expand more rapidly, but I think there's ways to expand without having to cede your shareholding."

Sunday Indo Business

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