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Insurance industry

SSP Holdings Floats on AIM Market with £70m Capitalisation

Strategic Insights

— 2 min read

SSP Holdings, the UK's largest insurance software supplier, is making a significant move by floating on the AIM market with a £70m market capitalisation. The company's software is installed in over 1,000 insurance businesses across Europe, and it has a strong presence in the UK, with its software used by 25 of the top 50 brokers. SSP's chairman, David Rasche, is eager to expand the company's profile and presence in Europe, with plans to enter new countries that are part of the EU. The company's financial performance has been impressive, with a 41% increase in turnover to £30.7m and a pre-tax profit of £530,000 in the year to March 30.

Key Takeaways:

  • SSP Holdings is the largest supplier of insurance software in the UK, with its software installed in over 1,000 insurance businesses in Europe.
  • The company has a strong presence in the UK, with its software used by 25 of the top 50 brokers and a market share of 31% of all UK brokers.
  • SSP has ambitious plans to expand its presence in Europe, with a focus on entering new countries that are part of the EU.
  • The company has made significant acquisitions in the past, including the purchase of Sectornet, a leading provider of commercial insurance broking systems, and Insure 90 Systems from Computer Sciences Corporation.
  • SSP employs a total of 355 people, with a head office in Halifax and a presence in other countries.
  • The company's financial advisors, Deloitte's Corporate Finance Advisory team, have praised SSP for its strong performance and dynamic business model.

Statistics:

  • £70m: SSP Holdings' market capitalisation following its float on the AIM market.
  • £30.7m: SSP's turnover for the year to March 30, a 41% increase on the previous year.
  • £530,000: SSP's pre-tax profit for the year to March 30.
  • 17,000: The number of broker and intermediary users of SSP's software in the UK.
  • 31%: SSP's market share of all UK brokers.
  • 200: The number of people employed at SSP's head office in Halifax.
  • 355: The total number of people employed by SSP.
  • £4m-£5m: The amount of money that management will make from the fundraising.
  • 13%: The percentage of the business that the directors are selling as part of the fundraising.

Sources:

  • "SSP HOLDINGS FLOATING ON AIM TODAY". The Times, April 30, 2003.
  • "SSP Holdings Buys Sectornet for £1.5m". Insurance Times, December 2002.
  • "Deloitte Acts as Financial Advisor to SSP Holdings". Deloitte Press Release, April 2003.

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