Rob Bygrave, the CFO, confirmed that on 2nd July 2021, the Board of Klapton approved the 2020 Financial Statements after the conclusion of the audit by SECC, a leading West African audit firm. Mr Bygrave said it was a testament to the strong procedures and controls implemented in the Klapton Finance Team, which enabled the audit to be completed smoothly and also for the fourth consecutive year a clean audit report and unqualified opinion.
Mr Bygrave commented that the results of 2020 saw an exceptional rise in premium income, rising 126% on 2020 with gross written premium at €29.9m in 2020 compared to €12.9m in 2019. This result is to be further celebrated in light of the fact that for the majority of 2020 we were operating within the Covid 19 global pandemic and the impact this has had on our operations, our team, clients and the global financial markets. We also maintained strong growth in net underwriting profit, after taking into account an expected rise in claims, which is partly mitigated by our reinsurance protection. We also saw a budgeted rise in costs due to a combination of factors including key strategic recruits to support the business and promote growth, rewarding key staff and also bolstering our corporate governance framework.