Green Insurance raises profits 19-fold

THE Green Insurance Company has posted a 19-fold rise in pre-tax profits after signing up more underwriters.

Green - which is part of Uddingston-based Kwik Fit Insurance - said its profits had risen from 35,000 in 2008 to 670,000 last year after it had expanded its panel of insurers from one to 13.

Sales rose from 2.7 million to 4.4m as its number of motor policy holders climbed from 30,000 to 50,000.

The company - which off-sets carbon dioxide emissions from customers' vehicles by planting trees - was launched three years ago. The firm expects to have planted one million trees by the end of this year.

Staff numbers grew from 21 to 81 last year and the company expects to pass the 100 mark this year.

PAI Partners sold Kwik Fit Insurance to Belgian insurer Fortis in July for 215m.