Minova – an insurance and reinsurance holding company with investments in re/insurance broker BMS and specialist underwriting group Pioneer has announced an outstanding revenue of £102.8 million in 2016 strong EBITDA growth to £17.4mn and successful refinancing.
This marks the first time the firm’s revenues have exceeded the £100 million mark, after seeing a 26% EBITDA increase and operating profit skyrocket from £1.3 million to £16.1 million.
Minova Insurance also announced the settling of a refinancing agreement with partners Pricoa – to be used to buy a large portion of Capital Z shares in the coming year.
Dane Douetil, Group CEO of Minova Insurance, said; “The companies that are part of Minova Insurance have gone from strength to strength in 2016, with exceptional results across the board. I am delighted with the milestone we have achieved in exceeding £100mn in revenue and strong EBITDA and operating profit growth.
“This was driven by our absolute focus on putting our clients at the centre of what we do, as well as our on-going investment in top industry talent across the Group.”
The firm said it expects the refinancing to reduce its future costs by 23%, providing a solid financial basis without increasing financial leverage.
Douetil added; “the refinancing with Pricoa will further strengthen our financial position, which will provide the Group with a competitive advantage to capitalise on existing opportunities.
“With our clear vision and strategy as well as client-centric focus, underpinned by the necessary financial resources and first class employees, I have full confidence that we will continue to outperform the market.”
