DAS reports strong financial growth

Asplin: strength to deliver in the new regulatory environment

DAS UK Holdings has reported record income of £199.6 million in 2013, an increase of 10% over 2012.

Profits before tax and reinsurance also grew strongly by 9% to £12.1m.

Sales of after-the-event (ATE) insurance rose 45% on 2012, mainly due to the pre-Jackson rush.

The A-rated legal expenses insurer said the rapid adjustment of its ATE model following the introduction of the April 2013 reforms meant volumes recovered “quickly” and grew beyond pre-LASPO levels.

It attributed this mainly to the introduction of a new clinical negligence product and entry into the civil litigation market.

Before-the-event insurance sales remain “stable”, with the profitability of the main business classes improving.

DAS also became the first insurer to own a law firm and gain an ABS licence. The company’s announcement said: “The DAS Law business model ensures it is significantly more efficient than most solicitor firms, and allows it to deal successfully with changes in the personal injury fixed costs regime. DAS Law now has teams handling employment, property and contract, as well as personal injury and has recently developed a will writing proposition.”

DAS said it has also developed its business beyond the UK, adding Norway to the business it already does in Ireland and Canada.

Group CEO Paul Asplin said: “DAS UK is unique in the legal protection market; a UK domiciled insurance company and a member of one of the world’s largest insurance groups, Munich Re. With our scale, expertise, resources and financial backing, business partners can be confident that DAS has the strength to deliver in the new regulatory environment, including Solvency II and the FCA add-ons review, something that many of our competitors, who are mainly underwritten or domiciled overseas, may struggle with.”

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