Pretax profits at Chill Insurance up fourfold to €2.33m

Pretax profits at Chill Insurance increased more than fourfold to €2.33 million last year.

The company recorded the increase after revenues rose by 10.5 per cent from €23 million to €25.5 million in the 12 months to the end of April last, according to new accounts filed by Chill Insurance Ltd.

The directors stated the company’s earnings before interest, depreciation, tax, depreciation and amortisation last year more than doubled to €6.7 million.

They said “the company expects profitability to grow substantially over the coming 12 months”. They also said the impact of Covid-19 on the business has been contained and that the firm has maintained its level of commission income.

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In June of last year, UK private equity firm Livingbridge agreed to buy a majority stake in the insurer.

Big insurance broker

Chill Insurance was founded in 2006 by Séamus and Pádraig Lynch and has grown into the largest independent personal-lines insurance broker in Ireland with more than 200,000 policyholders, representing a 6 per cent market share.

The write-off of a €1.28 million loan due from a connected company and interest payments of €355,496 reduced profits to a pretax figure of €2.33 million.

Numbers employed last year declined from 258 to 244 with staff costs increasing marginally from €9.58 million to €9.6 million.

Directors’ pay reduced from €183,953 to €136,130.

Shareholder funds at the insurer at the end of April last year totalled €4.4 million that included accumulated profits of €2.7 million. The company’s cash funds reduced from €12.06 million to €11.1 million.