Alex Forbes may seek cash injection after profits slump
London-based international broker Alexander Forbes Risk Services saw operating profit fall dramatica...
London-based international broker Alexander Forbes Risk Services saw operating profit fall dramatically to £1.6m from £8.5m in the year 1 April 2005 to 31 March 2006. Operating income also fell to £129.6m compared to £131.5m over last year.
A statement from the broker blamed the slump on "difficult conditions, including rate reductions experienced in a number of insurance classes particularly in Professional Indemnity insurance."
It continued: "The business also incurred costs in implementing
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