Finance
Citynet are privately owned and funded with no debt finance, since incorporation in 2000 we have returned a profit every year and with a sensible Dividend policy have built a strong Balance Sheet. This gives us the structure and financial backing to attract new income producers / Teams when the right people become available.
We are regulated by the Financial Services Authority and have put in place systems and controls that enable us to handle the requirements of the FSA handbook. Client Money handling is monitored by our Finance Director and audited annually by our Auditors Mazars LLP.
|
Our Bankers are:
|
Our Auditors are:
|
|
Barclays Bank PLC
|
Mazars LLP
|
|
1 Churchill Place
|
Tower Bridge House
|
|
London
|
London
|
|
E14 5HP
|
E1W 1DD
|
Citynet 2010 Results
Our Financial Accounts to 28th February 2010 have been completed, signed and filed at Companies House during May 2010.
Highlights include :-
A 20% rise in income to over £2 million which has been acheived during a period of extremely difficult trading conditions.
Growth in the UK of 10% , in Ireland of 31% and Overseas including Australia of 42%.
An increase in policies through the system of 59%.
This result has been acheived by a combination of excellent products , loyalty from our existing Agents for which we give a huge thanks , welcoming new Agencies and maintaining close relationships with our Underwriters.
We also thank our team of hard working and enthusiastic employees , without whom this result would not have been possible.
Citynet 2009 Results
Our latest audited accounts to 29th February 2009 were filed with Companies House in June 2009 and showed some excellent headline results including an increase in turnover of 14%, increase in gross profit before tax of 250% and profit margin increased to 18%.
Our premium income rose above £20 million and we predict that it will rise above £30 million for 2009/10.
Training
In order to keep ourselves fit and proper we run many internal courses, these have included Money Laundering and fighting financial crime, Treating Customers fairly, FSA compliance, Contract Certainty and many more.
We also budget each year for external staff training and these are usually specialist Insurance related courses selected by our training manager, we also encourage staff to attend lectures and read industry literature circulated around the office.
Staff keep their own training records which are reviewed by management.
Risk Management
Every organisation faces risks and it is how the risks are assessed, controlled and financed that decide whether a company meets it business objectives.
At Citynet we review the risks to our business every month using a scaled system that takes effect of Risk impact and Risk likelihood and gives us a scale of the most important risks facing us.
We then negate each risk as far as possible to ensure our future and help us provide the best service to our Clients and Underwriters at the most competitive price.
Claims
Our goal is to provide the swift and efficient handling of claims, we know that this is of vital importance to the insured and forms one of the cornerstones of our customer satisfaction.
Slow claims settlement can be costly and damaging to business relationships, that is why we employ experienced claims people who are at the forefront of the Lloyds electronic claims settlement system.
We also have a network of assessors and loss adjusters at our disposal.
|
David Walland
|
|
|
|
|
|
Direct Dial +44 (0) 20 7488 7962
|