Brightside slightly exceeds 2009 expectations

Date: Wednesday 03 Feb 2010

Insurance broker Brightside Group says that second half trading was strong and 2009 figures will slightly exceed market expectations.

Brightside brokered 30% more policies than 2008. The total figure was 197,059. The life assurance business is running at an annualised rate of 10,000 policies.

The medical reporting business received 130% more instructions in 2009.

In December, Brightside raised £20m from a placing at 22p a share. The new shares represented 21.7% of the enlarged share capital.

This cash will help to accelerate growth in 2010. Brightside also intends to invest in new technology.

Brightside entered into five year call options with Southern Rock Insurance Company. These will enable Brightside to buy the eBike and eCar insurance businesses as well as the technology behind its online policy distribution platform.

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