Thomas Miller, the international provider of market leading insurance and professional services, underlined its extremely robust financial position at its first virtual Annual General Meeting at the end of June.
Attended by over 100 current and past employees, the board also announced Hugo Wynn-Williams will step down as Chairman of Thomas Miller Holdings in June 2021, but will remain engaged with the business in the newly created role of President.
Hugo has been with Thomas Miller since 1978, was elected a partner in 1989, and has served on the board of the partnership’s successor, Thomas Miller Holdings, since its creation in 1999. Although he will step down formally from the board next year, he will continue to look after Thomas Miller’s European interests. Charles Fenton will assume the role of Chairman from that date, while remaining CEO of the TT Club.
At the AGM the Group reported an exceptional year, which was significantly boosted by the sale of its private wealth business. The result was also influenced by two acquisitions in Professional Services and Specialty, as well as the purchase of a book of marine business. Turnover for Thomas Miller was £150m, up from £145m in 2019; annual profit before tax was £25m (2019: £19m).
Looking forward, the Group confirmed that it aims to maintain its strong financial position and continues to be a solid cash generative business; it is confident it can retain its operational capabilities despite Covid-19. Its Corporate Plan objectives remain unchanged as it seeks to increase the size of its business via a Mergers & Acquisition strategy.
Bruce Kesterton, Chief Executive Officer, Thomas Miller, said: “Thomas Miller has achieved another year of exceptional results, which have put us in an enviable position of financial strength. In what are exceptional and challenging circumstances, we are able to look to the future with optimism. Our clients can be confident of continued excellent service as we maintain our long-term commitment to invest significantly in our infrastructure, people, culture and technology.”
Charles Fenton, Chief Executive Officer, TT Club, said: “Hugo will leave the board of Thomas Miller in 2021 with the group in great shape. It is a great privilege to succeed him as Chairman, but I know I will be able to count on his continued support and counsel, as we strive to attain our ambitious strategic goals.”
Hugo Wynn-Williams, Chairman, Thomas Miller Holdings, said: “Although I am stepping down from the board next year, I am honoured to become President of Thomas Miller Holdings and look forward to continuing to make a contribution to the company I have had the pleasure of seeing grow and thrive over the past 42 years.”