In a show of confidence, HomeServe’s new chairman Tommy Breen recently snapped up 50,000 shares at 933p apiece. Breen was formerly chief executive of DCC Plc.
The home repairs insurer’s recent full-year figures confirmed that it continues to make significant inroads into the lucrative US market, evidenced by a 27 per cent increase in profitability.
However, the group continues to struggle in its domestic market, with renewals under pressure, and no sign that it is making ground on market leader British Gas. By contrast, the North American Membership business increased customers to 4.7m, increasing policy retention by two percentage points to 85 per cent.