Blue Insurance, the company behind brands such as Multitrip.com and Petinsurance.ie, does not expect to pay back any of the Covid-19 support that it received from government last year despite making €4.2 million profit before tax.
The company, which sells insurance in Ireland and Britain, received almost €572,000 in wage subsidies. In financial statements for the year, it said it “was fully compliant with the scheme rules and it is expected there will be no clawbacks”.
The company sells travel, gadget, car-hire excess, wedding and pet insurance. Its fee and commission income fell by 28 per cent to €12.1 million in 2020 while the performance of its travel products saw a “significant drop”. Profits were down by 17 per cent.
Blue Insurance said in filings that it would be in a strong position to grow in the UK and Ireland “once the situation stabilises”.
It will also forge ahead with a plan to expand in Europe.
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In 2018, Cover-More Group, a subsidiary of Zurich Insurance Group, bought Blue in a deal worth up to €70 million. Ciaran Mulligan, Blue’s founder, had planned to stay to oversee the European expansion but left the company in December. It sold its home and motor book that month.
No interim dividend was paid to shareholders for 2020 but a payment of €3 million was made in 2020 based on 2019 results.