Pictured above: Peter Maskell

Birmingham-based BHSF announced today (Thursday, April 28, 2011) that it has strengthened its reserves by almost 10 per cent to over £25 million in 2010 despite the testing UK economy.

The not-for-profit health insurer said that although premium income showed no growth, general premium income was nearly £36 million. Due to the combined effect of successful trading and enhanced investment conditions, the surplus for the financial year after tax was £2.3 million.

During the year, BHSF acquired two insurance brokerages, Network Insurance Brokers and First Assure, and also took the decision to become a personal accident underwriter.  

The Company has also developed the Network Benefits website which gives subscribers access to many retail discounts and special offers at a growing number of venues and outlets. All BHSF's health cash plans will incorporate the website and a GP helpline, and the website is also being marketed externally.

The BHSF Benefits Club was launched in the spring of this year. This is an affinity product offering access to a range of valuable helplines, the Network Benefits website, on-line health assessment and an assistance service for lost keys and luggage. This product is sold through BHSF's traditional outlets and also through its newly-created Home Service Division.

Chief Executive Peter Maskell commented: "We are pleased with the way we have been able to broaden the scope of our business operations and this lays down solid foundations for further development of the business.  

"We also took the opportunity during last year to launch our new corporate imagery and further develop our website including extending our facility for on-line sign-ups for those seeking cover.  

"We invest heavily in the development of our team and in state-of-the-art technology, enabling us to deliver our promises to the 400,000 people whom we insure; this included the payment of 425,000 claims, the vast majority within two days of them being received at our office."

Alongside its successful business operations, BHSF is a big supporter of the community through its Corporate Social Responsibility programme.  

Mr Maskell said "We have a strong belief that successful organisations should share their good fortune with those around them who are not so well-placed and we do this principally through a number of partnerships where we are able to provide both financial help and physical support, often using the goodwill and enthusiasm of so many of our team."

Chairman Paul Kanas added: "BHSF has a good business model and has served its customers well during the year. We have every confidence in our ability to continue our success in 2011."