The year 2023, indeed, was a landmark year for independent insurance, risk, wealth management, and insurtech company Thomas Caroll Group – which also celebrated its 50th anniversary – as it registered a gross profit (pre-tax) of £1m based on FY2023 results. It also saw a 2% growth in turnover, as it transitioned into employee ownership, via an employee ownership trust (EOT).
The Thomas Caroll Group stated that while they have incurred several one-off additional expenses, which are reflected in its financial performance, it still reported a 2% growth in turnover in 2022, achieving a pre-tax profit of £935,862.
“This was a historic year for Thomas Carroll Group, the move into an EOT has made us more ambitious and focused on the future. Therefore, as well as ensuring we met our financial objectives, we also sought to invest in the structure of the business and put us in the right place for continued growth,” said Rhys Thomas (pictured above), Thomas Carroll Group CEO.
“These results are a testament to the hard work and dedication of the team we have here at Thomas Carroll Group, who believe in our vision for the business and the plans we have put in place to ensure that it remains at the forefront of our sector for decades to come.”
The firm also said that the move into employee ownership was taken to reinforce its continuing independence, as well as create a clear succession plan for the group. It also streamlined its board, the Thomas Caroll Group stated. Nonetheless, all Directors remain in the business and are playing critical roles in planning and delivering the business’ strategic growth plan.
There were also new appointments to strengthen its leadership capabilities. Former Aon and Marsh UK chief operating officer (COO) David Whittaker assumed the same position at Thomas Caroll, while Ian Price, director of Confederation of British Industry (CBI) Wales, was appointed as a non-executive director.
For Thomas Caroll chief financial officer Sarah Edwards, 2023 was a pivotal year for the company as it became fully employee-owned and has made – and prioritised -- strategic investments in key areas such as technology, talent acquisition, and infrastructure development to drive our succession plan, long-term growth, and competitiveness.
Have something to say about this story? Leave a comment below.
