PRETAX PROFITS at the Shannon and Dublin-based White Horse Insurance Ireland dropped by 61 per cent to the end of September 2008.
According to accounts recently filed with the Companies Office, they show that the UK-owned company’s profits dropped from £7.2 million in 2007 to £2.7 million to the end of September last.
The company, which is owned by the Thomas Cook Group, points out that the accounting period for 2008 was 11 months compared to the 12 months for 2007.
In 2007, the company announced the creation of 52 new jobs at its customer service centre in the Shannon Free Zone.
The accounts record that the company’s earnings through premiums dropped from £30.5 million to £19.9 million in 2008.
The accounts show that the amount paid out in claims in 2008 dropped by 34 per cent from £29.6 million to £19.5 million. A dividend of £3.2 million was paid during the year, and the directors approved an additional dividend payout of £3 million last November.
The company’s staff numbers increased during the year from 23 to 29 and that the company’s staff costs increased to £1 million.
The company insures on average two million people each year. According to the directors’ report, it states that they “are satisfied with the company’s performance during the period and consider that the company is well placed to meet future demands”.
The report states that the company “intends to continue to expand its business activities this year”.
The company was established in 1999 and underwrites most non-life classes of insurance throughout the EU and the three main elements of the company’s business are travel insurance; property and casualty and cancellation protection for tour operators and travel agents.
