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Tenet says PI offering has boosted business

Martin Greenwood Tenet 700.jpg
Outgoing Tenet chief executive Martin Greenwood

Support service provider and network Tenet says its “competitive” professional indemnity insurance offering has helped the firm overcome a “challenging market environment” to increase revenues.

The group has posted a 13 per cent in earnings before interest, tax, depreciation and amortisation to £2.5m for the twelve months to 30 September 2018.

The firm’s full accounts are due to be published by Companies House shortly, but it has provided headline figures of £167.8m for turnover and £1.6m for pre-tax profit.

Investment network TenetConnect increased earnings to £0.5m – though the firm did not provide full revenue or profit figures.

Directly authorised propoisition TenetSelect increase profits before tax by £100,000 – though the firm did not provide full revenue, profit or earnings figures.

Mortgage network TenetLime saw a 26 per cent increase in turnover to £63m – though the firm did not split out its contribution to overall profits.

Outgoing Tenet chief executive Martin Greenwood say that the firm is particularly proud of how its PI offering has stood up to pressure in the defined benefit transfer market.

He says: “We are very pleased to have increased our earnings by 13 per cent in a year overshadowed by a challenging market environment. Notably, as a group, we’ve been able to respond to the increasing focus on the suitability of DB pension transfer advice and to maintain a competitive PI insurance offering in a shrinking market.”

The results say that Paragon, the group’s captive insurance company, continues to provide “stable” PI cover, and “uniquely” for the market offer lifetime run-off cover to both ex-members and current members.

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