We’re proud of what we’ve accomplished in the four years since winning the Queen’s Award for Enterprise in International Trade. Since 2013, we have tripled our revenue and grown from 64 employees to over 200. Exports continue to remain a core part of our business, with overseas sales representing more than 85% of everything we do.
Last year was our best yet, with record growth during a period of heavy investment into the business. Gross premium, revenue and operating profit were all up by over 35%. We also entered three new major classes of business, expanded our office across two new floors, and made several senior new hires.
Our growth has been achieved entirely organically, with over £50m of new business premium brought into the London market last year from over 60 different countries. Importantly, this growth has not been achieved at the expense of underwriting profitability. Our current portfolio has consistently out-performed the market, with our worst underwriting year delivering an incurred net loss ratio of 65%.
We attribute our success to a consistent focus on specialist and niche areas of insurance. We are proud to now be one of the global leaders in the cyber insurance market, insuring over 22,000 companies against cyber attacks and accounting for approximately 10% of the cyber premium written within Lloyd’s. We are also seen as the go-to market in London for emerging technology risks including Blockchain, the sharing economy and financial technology start-ups.
Our international exports continue to expand and this can be seen in the US in particular, where our gross premium grew by 48% in the last financial year, thanks in large part to our increasingly competitive cyber insurance products. We have also maintained a strong foothold in our other major territories – Canada, Australia and Israel – and many of our product lines now have territory-focused underwriting teams dedicated to better serving these international markets.
We’re looking forward to what the next chapter has in store for us and hope that we can continue to make CFC a true success story.