CVE Culver Hldgs

RNS Number:5140X
Culver Holdings PLC
31 May 2007


Culver Holdings plc


Chairman's statement to the Annual General Meeting on 31 May 2007


You have received my statement made with the financial statements at the
beginning of March, but I believe there have been sufficient further
developments for me to take the unusual step of updating shareholders at this
meeting.


In my statement, I referred to advanced discussions with a number of teams of
insurance broking producers operating in speciality segments. Since then we have
acquired the services of two new teams who have recently started with the Group
or will do so in coming days and who will establish the group in the Trade
Credit Risks and Professional Risks areas. We hope that these teams should start
to generate income in the near future although (as is normal) it will be next
year before they are producing revenues at an acceptable on-going level.


I also referred to the agreement with Norwich Union whereby they became our
principal underwriter for SME non-motor business. Since that time, we have
entered into another similar agreement with a different leading UK insurance
company in respect of our property investors business. Again we believe that
this relationship will lead to increased commissions for the group while
providing a better value service for our clients.


In terms of our existing business, I referred to an expectation that 2007 would
be a period in which premium rates were unlikely to rise although it was
unlikely to be one in which rates continued to slide. To date, this has proved
slightly optimistic and it is certainly not a year in which we expect broking
the same level of business to increase our income.


In both the insurance broking and employee benefits segments of our business, it
continues to be important that we are able to add income either by acquisitions
or by the employment of new producers. We have started to achieve this and a
number of discussions are on-going. We are hopeful of further progress over
coming months.


In concluding my statement for the 2006 report and accounts, I said it was too
early to project the outcome of 2007 with confidence and this is still the case,
with any improvements only showing through in the second half as the
developments I referred to above become effective. I also said that 2007 could
be a year in which further significant improvements in the business would become
clear and your board still believe that this is beyond doubt the case and we
look forward to 2008 with confidence.



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END
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