Global Aerospace Underwriting Managers Limited

global aerospace underwriting managers limited Company Information

Company Number

02512067

Next Accounts

Sep 2025

Directors

Stephen Michael

Robert Love

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Shareholders

munchener ruckversicherungs-gesellschaft

northern states agency inc

Group Structure

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Industry

Non-life insurance

Registered Address

fitzwilliam house, 10 st mary axe, london, EC3A 8EQ

Website

www.global-aero.com

global aerospace underwriting managers limited Estimated Valuation

£847.9m

Pomanda estimates the enterprise value of GLOBAL AEROSPACE UNDERWRITING MANAGERS LIMITED at £847.9m based on an EBITDA of £59.8m and a 14.18x industry multiple (adjusted for size and gross margin).

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Global Aerospace Underwriting Managers Limited is a live company located in london, EC3A 8EQ with a Companies House number of 02512067. It operates in the non-life insurance sector, SIC Code 65120. Founded in June 1990, it's largest shareholder is munchener ruckversicherungs-gesellschaft with a 51% stake. Global Aerospace Underwriting Managers Limited is a mature, large sized company, Pomanda has estimated its turnover at £91.3m with high growth in recent years.

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Pomanda's financial health check has awarded Global Aerospace Underwriting Managers Limited a 5 rating. We use a traffic light system to show it exceeds the industry average on 7 measures and has 1 areas for improvement. Company Health Check FAQs

Health Rating5out of 5

7 Strong

1 Regular

1 Weak

Size

annual sales of £91.3m, make it larger than the average company (£2.1m)

Growth

3 year (CAGR) sales growth of 16%, show it is growing at a faster rate (8.7%)

EXPORT

Global Aerospace Underwriting Managers Limited's latest turnover from December 2023 is £91.3 million and the company has net assets of £100.7 million. According to their latest financial statements, Global Aerospace Underwriting Managers Limited has 349 employees and maintains cash reserves of £27.5 million as reported in the balance sheet.

Data source: Companies House, Pomanda Estimates

	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009
Turnover	91,305,000	90,001,000	70,209,000	59,169,000	52,095,000	49,717,000	56,816,000	54,877,000	47,916,000	60,091,000	57,959,000	63,139,000	73,229,000	67,600,000	62,728,000
Other Income Or Grants
Cost Of Sales							413,485	1,689,284	4,776,942	10,558,072	14,390,419	15,702,105	19,995,812	19,813,249
Gross Profit	91,305,000	90,001,000	70,209,000	59,169,000	52,095,000	49,717,000	56,402,515	53,187,716	43,139,058	49,532,928	43,568,581	47,436,895	53,233,188	47,786,751
Admin Expenses	71,541,000	67,675,000	58,409,000	46,859,000	44,801,000	44,286,000	50,530,515	46,094,716	40,932,058	38,424,928	38,046,581	38,366,895	42,573,188	34,789,751	-9,368,000
Operating Profit	19,764,000	22,326,000	11,800,000	12,310,000	7,294,000	5,431,000	5,872,000	7,093,000	2,207,000	11,108,000	5,522,000	9,070,000	10,660,000	12,997,000	9,368,000
Interest Payable	277,000	322,000	266,000	670,000	1,755,000	1,328,000	1,168,000	1,239,000	2,144,000	1,279,000	2,722,000	1,295,000	1,287,000	1,267,000	1,355,000
Interest Receivable	2,125,000	422,000	262,000	607,000	668,000	693,000	742,000	914,000	594,000	2,025,000	580,000	852,000	406,000	343,000	280,000
Pre-Tax Profit	21,612,000	22,426,000	11,796,000	12,247,000	6,207,000	4,796,000	5,446,000	6,768,000	657,000	11,854,000	3,380,000	8,627,000	10,285,000	12,316,000	8,293,000
Tax	-7,210,000	-4,231,000	-2,428,000	-2,354,000	-904,000	-1,680,000	-3,149,000	-1,914,000	-596,000	-4,344,000	-587,000	-2,158,000	-3,478,000	-4,368,000	-3,063,000
Profit After Tax	14,402,000	18,195,000	9,368,000	9,893,000	5,303,000	3,116,000	2,297,000	4,854,000	61,000	7,510,000	2,793,000	6,469,000	6,807,000	7,948,000	5,230,000
Dividends Paid	15,239,000	11,797,000	7,439,000	5,253,000	4,269,000	3,283,000	4,113,000	2,153,000	3,478,000	4,974,000	5,301,000	6,807,000	7,948,000	5,249,000	4,930,000
Retained Profit	-837,000	6,398,000	1,929,000	4,640,000	1,034,000	-167,000	-1,816,000	2,701,000	-3,417,000	2,536,000	-2,508,000	-338,000	-1,141,000	2,699,000	300,000
Employee Costs	50,927,000	51,308,000	39,392,000	32,584,000	29,030,000	28,419,000	35,143,000	32,903,000	27,166,000	31,262,000	36,950,000	38,752,000	46,936,000	35,280,000	34,486,000
Number Of Employees	349	338	341	345	332	331	340	346	348	333	346	360	384	399	405
EBITDA*	59,818,000	25,845,000	15,319,000	15,838,000	10,636,000	6,415,000	7,381,000	8,923,000	4,461,000	13,160,000	7,189,000	9,070,000	12,088,000	14,738,000	9,225,000

* Earnings Before Interest, Tax, Depreciation and Amortisation

	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009
Tangible Assets	39,961,000	40,902,000	37,871,000	27,027,000	27,399,000	26,851,000	25,455,000	32,658,000	26,603,000	28,699,000	27,982,000	30,176,000	26,399,000	23,218,000	21,821,000
Intangible Assets	70,399,000	74,635,000	66,616,000	65,360,000	67,472,000	69,684,000	65,823,000	72,141,000	60,790,000	57,628,000	54,398,000	55,159,000	57,404,000	56,732,000	55,398,000
Investments & Other	7,210,000	7,065,000	8,115,000	9,487,000	10,577,000	14,426,000	14,377,000	17,492,000	13,663,000	13,872,000	11,221,000	11,689,000	10,428,000	7,569,000	3,786,000
Debtors (Due After 1 year)	21,253,000	20,051,000	12,486,000	5,333,000	6,598,000	1,234,000	1,450,000	2,316,000	809,000	3,876,000	5,234,000	6,459,000	6,442,000	6,364,000	6,550,000
Total Fixed Assets	110,360,000	115,537,000	101,877,000	88,186,000	94,871,000	96,535,000	91,278,000	104,799,000	87,393,000	86,327,000	82,380,000	85,335,000	83,803,000	79,950,000	77,219,000
Stock & work in progress
Trade Debtors							3,964,000	4,265,000	3,891,000	8,145,000	2,834,000	8,579,000	15,529,000	13,419,000	7,696,000
Group Debtors	686,000	439,000
Misc Debtors	23,859,000	25,870,000	10,661,000	8,502,000	8,238,000	7,035,000	3,008,000	1,742,000	1,489,000	1,545,000	4,012,000	2,070,000	7,373,000	2,117,000	2,717,000
Cash	27,486,000	26,166,000	27,419,000	27,401,000	22,323,000	21,129,000	17,214,000	21,309,000	18,707,000	17,366,000	21,258,000	18,012,000	19,065,000	19,188,000	23,621,000
misc current assets						1,039,000	3,587,000	958,000	2,985,000	661,000	691,000	1,061,000	223,000	551,000	24,000
total current assets	52,759,000	52,955,000	39,203,000	36,447,000	31,544,000	29,203,000	27,773,000	28,274,000	27,072,000	27,717,000	28,795,000	29,722,000	42,190,000	35,275,000	34,058,000
total assets	163,119,000	168,492,000	141,080,000	124,633,000	126,415,000	125,738,000	119,051,000	133,073,000	114,465,000	114,044,000	111,175,000	115,057,000	125,993,000	115,225,000	111,277,000
Bank overdraft
Bank loan
Trade Creditors							8,308,000		16,854,000
Group/Directors Accounts
other short term finances					2,384,000	18,000	17,000	15,000	41,000	23,000	21,000
hp & lease commitments	1,662,000	1,533,000	1,512,000	2,129,000								19,000
other current liabilities	35,404,000	32,877,000	22,845,000	16,796,000	16,325,000	6,772,000	6,244,000	17,207,000		13,130,000	19,163,000	15,625,000	20,805,000	14,683,000	14,524,000
total current liabilities	37,066,000	34,410,000	24,357,000	18,925,000	18,709,000	21,011,000	14,569,000	17,222,000	16,895,000	13,153,000	19,184,000	15,644,000	20,805,000	14,683,000	14,524,000
loans	15,200,000	18,728,000	20,086,000	10,532,000	57,755,000	50,502,000	50,454,000	50,471,000	50,487,000	50,439,000	50,502,000	50,544,000	50,420,000	100,840,000	100,840,000
hp & lease commitments	7,600,000	9,364,000	10,043,000	5,105,000							41,000	62,000
Accruals and Deferred Income	9,096,000	7,733,000	4,084,000	2,344,000	2,536,000	4,200,000	3,603,000	4,065,000	3,559,000	5,932,000	7,284,000	8,379,000	5,060,000	3,690,000	6,913,000
other liabilities	1,530,000	1,349,000	1,237,000	1,011,000	1,250,000	1,190,000	1,131,000
provisions	14,222,000	15,482,000	17,172,000	19,248,000	17,676,000	19,550,000	31,376,000	38,942,000	34,420,000	40,976,000	25,042,000	34,580,000	44,202,000	36,310,000	31,676,000
total long term liabilities	25,337,000	26,187,000	23,950,000	18,406,000	70,379,000	65,667,000	70,876,000	74,007,000	71,256,000	76,859,000	70,266,000	76,151,000	77,581,000	72,265,000	73,171,000
total liabilities	62,403,000	60,597,000	48,307,000	37,331,000	89,088,000	86,678,000	85,445,000	91,229,000	88,151,000	90,012,000	89,450,000	91,795,000	98,386,000	86,948,000	87,695,000
net assets	100,716,000	107,895,000	92,773,000	87,302,000	37,327,000	39,060,000	33,606,000	41,844,000	26,314,000	24,032,000	21,725,000	23,262,000	27,607,000	28,277,000	23,582,000
total shareholders funds	100,716,000	107,895,000	92,773,000	87,302,000	37,327,000	39,060,000	33,606,000	41,844,000	26,314,000	24,032,000	21,725,000	23,262,000	27,607,000	28,277,000	23,582,000

	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009
Operating Activities
Operating Profit	19,764,000	22,326,000	11,800,000	12,310,000	7,294,000	5,431,000	5,872,000	7,093,000	2,207,000	11,108,000	5,522,000	9,070,000	10,660,000	12,997,000	9,368,000
Depreciation	9,224,000	2,501,000	2,753,000	2,786,000	2,647,000	288,000	703,000	866,000	950,000	920,000	837,000		679,000	712,000	415,000
Amortisation	30,830,000	1,018,000	766,000	742,000	695,000	696,000	806,000	964,000	1,304,000	1,132,000	830,000		749,000	1,029,000	-558,000
Tax	-7,210,000	-4,231,000	-2,428,000	-2,354,000	-904,000	-1,680,000	-3,149,000	-1,914,000	-596,000	-4,344,000	-587,000	-2,158,000	-3,478,000	-4,368,000	-3,063,000
Stock
Debtors	-562,000	23,213,000	9,312,000	-1,001,000	6,567,000	-153,000	99,000	2,134,000	-7,377,000	1,486,000	-5,028,000	-12,236,000	7,444,000	4,937,000	16,963,000
Creditors						-8,308,000	8,308,000	-16,854,000	16,854,000
Accruals and Deferred Income	3,890,000	13,681,000	7,789,000	279,000	7,889,000	1,125,000	-11,425,000	17,713,000	-15,503,000	-7,385,000	2,443,000	-1,861,000	7,492,000	-3,064,000	21,437,000
Deferred Taxes & Provisions	-1,260,000	-1,690,000	-2,076,000	1,572,000	-1,874,000	-11,826,000	-7,566,000	4,522,000	-6,556,000	15,934,000	-9,538,000	-9,622,000	7,892,000	4,634,000	31,676,000
Cash flow from operations	55,800,000	10,392,000	9,292,000	16,336,000	9,180,000	-14,121,000	-6,550,000	10,256,000	6,037,000	15,879,000	4,535,000	7,665,000	16,550,000	7,003,000	42,312,000
Investing Activities
capital expenditure	-34,877,000	-14,569,000	-15,619,000	-1,044,000	-1,678,000	-6,241,000	12,012,000	-19,236,000	-3,320,000	-5,999,000	1,288,000	-1,532,000	-5,281,000	-4,472,000	-77,076,000
Change in Investments	145,000	-1,050,000	-1,372,000	-1,090,000	-3,849,000	49,000	-3,115,000	3,829,000	-209,000	2,651,000	-468,000	1,261,000	2,859,000	3,783,000	3,786,000
cash flow from investments	-35,022,000	-13,519,000	-14,247,000	46,000	2,171,000	-6,290,000	15,127,000	-23,065,000	-3,111,000	-8,650,000	1,756,000	-2,793,000	-8,140,000	-8,255,000	-80,862,000
Financing Activities
Bank loans
Group/Directors Accounts
Other Short Term Loans				-2,384,000	2,366,000	1,000	2,000	-26,000	18,000	2,000	21,000
Long term loans	-3,528,000	-1,358,000	9,554,000	-47,223,000	7,253,000	48,000	-17,000	-16,000	48,000	-63,000	-42,000	124,000	-50,420,000		100,840,000
Hire Purchase and Lease Commitments	-1,635,000	-658,000	4,321,000	7,234,000						-41,000	-40,000	81,000
other long term liabilities	181,000	112,000	226,000	-239,000	60,000	59,000	1,131,000
share issue	-6,342,000	8,724,000	3,542,000	45,335,000	-2,767,000	5,621,000	-6,422,000	12,829,000	5,699,000	-229,000	971,000	-4,007,000	471,000	1,996,000	23,282,000
interest	1,848,000	100,000	-4,000	-63,000	-1,087,000	-635,000	-426,000	-325,000	-1,550,000	746,000	-2,142,000	-443,000	-881,000	-924,000	-1,075,000
cash flow from financing	-9,476,000	6,920,000	17,639,000	2,660,000	5,825,000	5,094,000	-5,732,000	12,462,000	4,215,000	415,000	-1,232,000	-4,245,000	-50,830,000	1,072,000	123,047,000
cash and cash equivalents
cash	1,320,000	-1,253,000	18,000	5,078,000	1,194,000	3,915,000	-4,095,000	2,602,000	1,341,000	-3,892,000	3,246,000	-1,053,000	-123,000	-4,433,000	23,621,000
overdraft
change in cash	1,320,000	-1,253,000	18,000	5,078,000	1,194,000	3,915,000	-4,095,000	2,602,000	1,341,000	-3,892,000	3,246,000	-1,053,000	-123,000	-4,433,000	23,621,000

Very Low Risk70 - 100

Low Risk50 - 70

Moderate Risk30 - 50

High Risk20 - 30

Very High Risk0 - 20

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GLOBAL AEROSPACE UNDERWRITING MANAGERS LIMITED group structure

Global Aerospace Underwriting Managers Limited has 6 subsidiary companies.

Ultimate parent company

MUNCHENER RUCKVERSICHERUNGS-GESELLSCHAFT

#0066447

1 parent

GLOBAL AEROSPACE UNDERWRITING MANAGERS LIMITED

02512067

6 subsidiaries

ASSOCIATED AVIATION UNDERWRITERS LIMITED

04615368

GLOBAL LIMITED

04029372

BRITISH AVIATION INSURANCE GROUP UNDERWRITING SERVICES LIMITED

03365781

GLOBAL AEROSPACE UNDERWRITERS LIMITED

04000608

BAIG LIMITED

02512076

BRITISH AVIATION INSURANCE GROUP (TECHNICAL SERVICES) LIMITED

03277960

GLOBAL AEROSPACE UNDERWRITING MANAGERS LIMITED Shareholders

munchener ruckversicherungs-gesellschaft	51%
northern states agency inc	49%

Global Aerospace Underwriting Managers Limited currently has 7 directors. The longest serving directors include Mr Stephen Michael (Jun 2003) and Mr Robert Love (Jul 2014).

officer	country	age	start	end	role
Mr Stephen Michael	United Kingdom	63 years	Jun 2003	-	Director
Mr Robert Love	England	54 years	Jul 2014	-	Director
Mr Alan Tasker		68 years	Oct 2014	-	Director
Ms Simone Osterlein		55 years	Jul 2015	-	Director
Mr John Wilkinson	England	61 years	Jul 2019	-	Director
Mrs Rachel Barrie	England	44 years	Jan 2022	-	Director
Mr Dominick Hoare		61 years	Jan 2024	-	Director

P&L

December 2023

turnover

91.3m

+1%

operating profit

19.8m

-11%

gross margin

100%

turnover

Turnover, or revenue, is the amount of sales generated by a company within the financial year.

Balance Sheet

December 2023

net assets

100.7m

-0.07%

total assets

163.1m

-0.03%

cash

27.5m

+0.05%

net assets

Total assets minus all liabilities

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company number

02512067

Type

Private limited with Share Capital

industry

65120 - Non-life insurance

incorporation date

June 1990

ultimate parent company

MUNCHENER RUCKVERSICHERUNGS-GESELLSCHAFT

previous names

british aviation insurance group limited (September 2000)

baig underwriting agency limited (October 1990)

address

fitzwilliam house, 10 st mary axe, london, EC3A 8EQ

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