Acorn Life profits almost double to €1.79m

THE insurance and investment company Acorn Life saw profits nearly double last year, but says new business growth will be difficult following the departure of its reinsurers in March.

According to documents filed recently at the Companies Registration Office, Acorn’s reinsurers have decided to not continue to finance new business. The directors of the company said in the accounts that following this decision it will be “difficult” to maintain new business growth and a new business plan will be necessary.

“Our reinsurer, in the context of its own circumstances, has decided not to continue to finance future new business and existing finance outstanding will be repaid in accordance with the terms of our agreement.”