Liverpool city region insurance firm Paymentshield sees annual revenues rise to £82m but reports a fall in pre-tax profits for the second year in a row. Tony McDonough reports
Merseyside insurance firm Paymentshield is reporting higher annual revenues but lower profits.
Based in Southport Business Park, Paymentshield employs more than 200 people and was established 32 years ago by two mortgage advisors.
It offers a range of insurance products such as home insurance, mortgage protection, income protection, landlord’s insurance and tenant’s contents insurance.
It has just filed its accounts for the 12 months to December 31, 2024 on Companies House. They show a rise in revenues from £80m to £82m but a fall in pre-tax profits for the second year in a row, coming in at £18.5m against £21.6m in the previous year.
In 2020 the business became part of the Atlanta Group, a division of the Ardonagh Group, the UK’s largest independent insurance broker which has a workforce of around 8,000 people.
In September 2023 it was announced that Ardonagh had agreed a deal with another insurance firm, Chesterfield-based Markerstudy that saw Paymentshield become part of the Markerstudy group.
This merger, funded by Pollen Street Capital and Bain Capital Special Situations, valued Atlanta at £1.2bn and created a new enlarged UK insurance business. Ardonagh retains a minority stake in the venture.
Markerstudy offers a product range to around 6m customers, offering motor, pet, home and commercial insurance (to the SME market).
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In its annual report, Paymentshield said: “The increasing revenue is driven by a combination of increased volumes and market dynamics.”
It added: “The company will remain focused on pricing appropriately for the inflationary environment it operates in. The company will deliver change that will reflect its ambitious growth plans and will continue to drive benefit from the diverse portfolio of products.”