Thomas Miller announces positive annual results at AGM
Charles Fenton succeeds Hugo Wynn-Williams as Chairman
Thomas Miller, the international provider of market leading insurance and professional services, announced good results and continued robust financial position at its Annual General Meeting (AGM) at the end of June.
Attended by over 100 current and past employees, the AGM was Hugo Wynn-Williams' last as Chairman as he handed over the baton to Charles Fenton. Charles will continue as CEO of the Thomas Miller-managed TT club, the world's largest intermodal liability insurer. Hugo will retain a consultancy role as President of Thomas Miller supporting a number of the shipping mutuals and the Specialty and Professional services divisions. He also continues as CEO of the UK Club's Netherland's subsidiary which provides Brexit solutions for the Club and a number of other Thomas Miller-managed businesses.
Thomas Miller manages over $1.3 billion of gross written premium for the Transport, Specialty and Professional Services industries in the mutual, MGA and captive markets. The Group reported a strong year with good results despite the continued restrictions due to the pandemic and retains a strong overall balance sheet with enviable financial flexibility. Turnover increased to £155m, up from £149m in 2020; however, annual profit before tax was down from the previous year at £19.5m (2020: £25m, flattered by the one-off profit from the sale of two investment subsidiaries).
Looking forward, the Group confirmed that it is in a good position for the future to maintain its strong financial position and to be a solid cash generative business. Its Corporate Plan objectives remain unchanged as it seeks to expand the size of its business and diversify via a modest Mergers & Acquisition strategy.
Bruce Kesterton, Chief Executive Officer, Thomas Miller, says:
"Thomas Miller has achieved another encouraging year of results, which have put us in an enviable position of financial strength. We remain soundly financed and have maintained our ethos and culture, even with the constraints of remote working. Despite exceptional circumstances, we are proud to have improved our operational profit, achieved strong performance across our mutual clubs and not furloughed any employees, all while delivering excellent service to our clients at a level they expect."
Read the full version of the Thomas Miller annual report 2020.
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For further details, please contact:
Jonathan Atkins/ Alastair Doyle
ThomasMillerGroup@fourcommunications.com / +44 (0) 20 3697 4200
Notes to Editors
Thomas Miller is an international provider of market leading insurance services.
Founded in 1885, Thomas Miller's origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals.
Principal activities include:
- Management services for transport and professional indemnity insurance mutuals
- Managing General Agency
- Professional services including legal and technical services, claims and captive management