The Underwriting Exchange Limited
Registered name: THE UNDERWRITING EXCHANGE LIMITED
Part of Sparta UK Midco 1 Limited groupThe Underwriting Exchange Limited made £10.6m revenue and £416k profit in the year to 31 Dec 2025.
The Underwriting Exchange Limited’s revenue grew 143% to £10.6m in the year to 31 Dec 2025, with £416k profit. The company is classified under “non-life insurance” and is based in London; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- London
- Age
- 16 yrs · since 2010
- Type
- Private Limited Company
Key figures
Financial history
| Year to | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2025 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £3.9m | £4.4m | £10.6m |
| Operating profit | −£1.4m | −£364k | £463k |
| Profit before tax | −£1.5m | −£261k | −£539k |
| Profit after tax | −£1.5m | −£261k | £416k |
| Profit (best available) | −£1.5m | −£261k | £416k |
| Employees (average) | — | — | — |
| Ratios | |||
| Profit margin | −38.1% | −6% | 3.9% |
| Growth (year on year) | |||
| Revenue growth | — | ▲12.3% | ▲142.5% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Dec 2025 | Accounts · bulk data Dec 2025 | Accounts · bulk data Oct 2026 |
How the business works
- Profit margin
- 3.9%
- Profit ÷ revenue.
- Gross margin
- —
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- —
- Revenue ÷ average employees.
- Profit per employee
- —
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- —
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- —
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- —
- Money owed by customers. Low = customers pay quickly.
Balance-sheet signals
Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.
- Net assets
- —
- Now —
- Cash at bank
- —
- Now —
- Headcount
- —
- Now —
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Sparta UK Midco 1 Limitedultimate parent75–100%
- Sparta UK Midco 2 Limited75–100%
- Sparta UK Bidco Limited75–100%
- Specialist Risk Investments Limited75–100%
- Specialist Risk Midco Limited75–100%
- Specialist Risk Group Limited75–100%
- The Underwriting Exchange Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (3)
- CQB Holdings LimitedFigures not disclosed
- Harbour Newco LimitedFigures not disclosed
- London Ireland Market Exchange LimitedFigures not disclosed
Sister companies (9)
- GB Underwriting LtdRev. £2.1m · Profit £664k
- Bolt Holdco LimitedFigures not disclosed
- Health Partners Europe Ltd.Figures not disclosed
- Miles Smith Holdings LimitedFigures not disclosed
- MX Underwriting LimitedFigures not disclosed
- Paladin Holdings LimitedFigures not disclosed
- Sempris LimitedFigures not disclosed
- Specialist Risk Insurance Solutions LimitedFigures not disclosed
- Superian Holdings LtdFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Dec 2025 (profit £416k), from the Companies House accounts bulk data published Oct 2026. Spotted an error? Request a correction.
Updated from Companies House on 22 Oct 2026
Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.