Legal expenses insurer DAS UK Group – which recently received its alternative business structure (ABS) licence – has announced strong 2012 results.
It reported a 10.5% increase in gross written premiums in 2012 to £178m, returning a profit of over £11m before reinsurance and tax.
This represents a 57% increase on 2011, when profits were £7m, following a small loss in 2010.
CEO Paul Asplin said: “[There was] a strong performance from all areas of the group. As well as continuing to develop our core UK legal protection business, significant contributions were also made through our insured assistance products and continued growth in the Republic of Ireland. DAS Canada also made good progress during the year.”
The results do not take into account the impact of the ABS licence in March which enabled DAS to acquire Bristol law firm CW Law. Now branded as DAS Law, all of the company’s legal services are now being delivered through it, employing 175 solicitors and support staff.
The company said its Law On The Web platforms continued to see a sharp increase in the number of unique visitors, exceeding three million for the first time. As well as the main Law On The Web site, there are a host of other sites such as the recently launched www.county-courts.co.uk.
Mr Asplin said: “The pre-LASPO after-the-event (ATE) insurance sales activity was incredible and we are very pleased that the introduction of our new post-LASPO products has been very well received. The response to our entry into the civil litigation ATE sector has significantly exceeded our expectations and whilst this will not fully replace all ATE business lost due to the LASPO changes in the short term, the longer term outlook is very positive.
“Although the legal landscape remains uncertain, at least in the litigation area, DAS is well placed to deliver innovative solutions to new problems and we have a high level of confidence regarding the future opportunities for legal protection insurance and related legal services.”