Lindsey Morden losses up in Q1 2002

International adjuster Lindsey Morden is reporting a net loss of $7.9 million for the first quarter 2002, on the back of expenses and outstanding claims. This compares to 2001’s first quarter loss of $2.9 million.

Among the outstanding claims the company settled was a 32.6 million pounds sterling plus interest claim by Eastgate Group Ltd. from its purchase of Hambro Assistance from Lindsey Morden in 1998. “The company determined that it was preferable to settle these claims at reasonable amounts rather than pursue its defences through further court proceedings,” states the release.

On a bright note, revenues are up 18% over last year to $109.9 for the quarter, an increase of $81 million over the same period last year.

Operating earnings were also up substantially, to $3.1 million, from last year’s $0.6 million.