The parent company of Coventry based Bike insurance company has announced a 43 percent rise in profits, increasing their profits to £43 million between July 2007 and June 2008. Despite the current economic climate the BGL group said that this was a significant achievement in a time of reduced customer spending.

Peter Winslow, chief executive of the BGL Group, said: "The major drivers behind our success this year were again Junction, our affinity business, Bennetts Bike Insurance, the group's newest in-house brand, ibuyeco, and our claims management arm, ACM ULR. We have also spent time this year ensuring that we are growing sustainably. The previous financial year saw employee numbers grow rapidly from 1,500 people to 2,200.”

"This year our focus was on integrating our new people and listening to their feedback, as well as ensuring we had the right infrastructure and support in place to deliver ongoing success.”

We will have to wait and see if the current recession will affect the BGL group’s profits next year, one thing is for sure the insurance group has got a solid base to build from.