CE Heath restates profits to pounds 3.8m after disposal
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.CE HEATH, the insurance broker, will be hit by a further pounds 8m exceptional loss for 1993/4 following the sale yesterday of its ill-fated Australian underwriting subsidiary for a nominal Adollars 1m ( pounds 475,000), writes Terence Wilkinson.
The group's pre-tax profits for the year to 31 March will be restated from pounds 11.8m to pounds 3.8m. CE Heath shares fell 4p to 320p.
The sale of CE Heath & Co Australia, holding company of CE Heath Underwriting and Insurance (Australia), will end the UK group's exposure to claims from the run-off of discontinued accounts.
The purchaser is CE Heath International Holdings, a company separately quoted on the Australian stock exchange, in which CE Heath has a 23 per cent stake. When HIH was floated in June 1992 CE Heath's Australian underwriting subsidiary gave indemnities to HIH on a discontinued aviation underwriting account.
HIH has agreed that CE Heath will face no further liabilities on the troubled aviation account.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments