THE UNDERWRITING EXCHANGE LIMITED
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Next accounts due
2026-09-30 (in 4mo)
Last filed for 2024-12-31
Confirmation statement due
2027-01-29 (in 8mo)
Last made up 2026-01-15
Watchouts
None on the register
Cash
£6M
+38.1% vs 2023
Net assets
£9M
-2.9% vs 2023
Employees
—
Average over period
Profit before tax
-£261K
+82.4% vs 2023
Name history
Renamed 1 time since incorporation
- THE UNDERWRITING EXCHANGE LIMITED 2011-12-19 → present
- SELWYN INSURANCE BROKERS LTD 2010-01-15 → 2011-12-19
Net assets
2-year trend · vs Financials median
Accounts
2-year trend · latest reflected 2024-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 |
|---|---|---|---|
| Turnover | £3,889,000 | £4,367,000 | |
| Operating profit | -£1,444,000 | -£364,000 | |
| Profit before tax | -£1,485,000 | -£261,000 | |
| Net profit | -£1,483,000 | -£261,000 | |
| Cash | £4,219,000 | £5,827,000 | |
| Total assets less current liabilities | £9,329,000 | £8,858,000 | |
| Net assets | £9,119,000 | £8,858,000 | |
| Equity | £9,119,000 | £8,858,000 | |
| Average employees | — | — | |
| Wages | — | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 |
|---|---|---|---|
| Operating margin | -37.1% | -8.3% | |
| Net margin | -38.1% | -6.0% | |
| Return on capital employed | -15.5% | -4.1% | |
| Current ratio | 1.13x | 1.08x | |
| Interest cover | -8.49x | — |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- PricewaterhouseCoopers LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“On 20th May 2024, the Group signed a definitive agreement to be sold to Warburg Pincus, the global growth investor, and Temasek, the global investor. Completion of the transaction took place on 25th September 2024. As of the date of completion the Group's parent company has put in place Acquisition and Revolving Credit facilities that will ensure the Group will continue to have the funding required for is organic and acquisition growth strategies. Furthermore, the new investors have confirmed to the regulator (FCA) that the business will continue to operate as is with no material change to the group structure expected. The directors are therefore again, satisfied that these financial statements be prepared on a going concern basis.”
Group structure
- THE UNDERWRITING EXCHANGE LIMITED · parent
- Specialist Risk Europe Limited 100%
- London Ireland Market Exchange Limited 100%
Significant events
- “On 20th May 2024, the Group signed a definitive agreement to be sold to Warburg Pincus, the global growth investor, and Temasek, the global investor. Completion of the transaction took place on 25th September 2024.”
- “During Q3 of 2025, the group purchased 100% share capital of City Quarter Brokers Limited, a highly respected broker based in London with a strong global network and deep expertise in complex construction, engineering, and infrastructure risks.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 10 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BORKHATARIA, Eleanor Rachel | Secretary | 2022-09-29 | — | — |
| ANDERSON, Lee David | Director | 2020-09-01 | Jan 1972 | British |
| HANLY, Joseph James | Director | 2022-05-10 | Jul 1971 | Irish |
| NIMMO, Neil Keith | Director | 2026-02-18 | Jan 1961 | British |
Show 10 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BUTLER, Adrian Michael | Director | 2010-01-15 | 2020-08-31 |
| DOWNEY, Warren | Director | 2020-09-01 | 2026-02-18 |
| GASCOIGNE, Ian Matthew Charles | Director | 2019-02-01 | 2020-08-31 |
| JOHNS, Andrew David | Director | 2014-01-01 | 2022-03-23 |
| KING, Brian Anthony | Director | 2013-08-01 | 2019-02-01 |
| LEBECQ, Clare Louise | Director | 2022-07-27 | 2024-09-02 |
| LOVE, Charles | Director | 2019-02-01 | 2022-03-04 |
| O'CONNOR, Stephen Patrick | Director | 2010-01-15 | 2020-08-31 |
| ROBERTSON, Iain Leith Johnston | Director | 2019-02-01 | 2020-08-31 |
| STOVOLD, Tony | Director | 2016-08-05 | 2020-08-31 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Specialist Risk Group Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2019-08-13 | Active |
| Specialist Risk Investments Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2019-02-01 | Ceased 2019-08-13 |
| Mr Adrian Michael Butler | Individual | Shares 25–50% | 2016-04-06 | Ceased 2019-02-01 |
| Mr Stephen Patrick O'Connor | Individual | Shares 25–50% | 2016-04-06 | Ceased 2019-02-01 |
Filing timeline
Last 20 of 98 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-03-11 | AP01 | officers | Appoint person director company with name date | |
| 2026-02-19 | TM01 | officers | Termination director company with name termination date | |
| 2026-02-04 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-12-29 | AA | accounts | Accounts with accounts type full | |
| 2025-08-26 | AD01 | address | Change registered office address company with date old address new address | |
| 2025-02-11 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-12-24 | AA | accounts | Accounts with accounts type full | |
| 2024-10-21 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2024-10-21 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2024-09-16 | TM01 | officers | Termination director company with name termination date | |
| 2024-01-15 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-01-11 | CH03 | officers | Change person secretary company with change date | |
| 2023-09-05 | AA | accounts | Accounts with accounts type full | |
| 2023-04-28 | AD01 | address | Change registered office address company with date old address new address | |
| 2023-01-27 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-11-11 | AA | accounts | Accounts with accounts type full | |
| 2022-11-01 | AP03 | officers | Appoint person secretary company with name date | |
| 2022-10-31 | CH01 | officers | Change person director company with change date | |
| 2022-09-05 | TM01 | officers | Termination director company with name termination date | |
| 2022-07-27 | AP01 | officers | Appoint person director company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 5
- Capital events
- 0
- Officers appointed
- 1
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.
Year-on-year
FY2023 → FY2024 · period ending 2024-12-31 vs 2023-12-31
-
Turnover
+12.3%
£3,889,000 £4,367,000
-
Cash
+38.1%
£4,219,000 £5,827,000
-
Net assets
-2.9%
£9,119,000 £8,858,000
-
Employees
—
Not reported
-
Operating profit
+74.8%
-£1,444,000 -£364,000
-
Profit before tax
+82.4%
-£1,485,000 -£261,000
Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers