In a recently released report the global insurance brokers reinsurance arm announced that Quantitative Impact Study (QIS) 5 is shaping up to be a far tougher test than its predecessor, of which only 11% of insurers failed. Whilst claiming that the failure rate will be “much higher, especially for smaller regional insurers” the report also warns that the smaller players as well as regulators will have multiple problems particularly when developing and reviewing  internal models. One of the major reasons the report singles out the smaller players is the fact that they are often unable to benefit from the   diversification credits that are available.

Commenting on the report, Willis’ MD for analytics and head of international enterprise risk management, David Simmons said “Solvency II and IFRS will have profound implications for all insurance professionals in Europe, but the repercussions will be felt worldwide with the new IFRS being adopted by most major economies in 2013 and the rise of Solvency II-like regulatory regimes worldwide.”

Meanwhile, the International Underwriting Association (IUA) has warned that the government’s plans to reform financial regulation within the UK are currently being heavily undermined by the demands being placed on insurance regulators as Solvency II implementation draws nearer. With demand for high quality regulators now often comfortably outstripping the supply, a lack of qualified and competent staff is proving to be a very real concern.

With a number of IUA members already having reported delays in approvals of internal models, many fear that the creation of the UK’s latest two new regulatory bodies the Prudential Regulatory Authority (PRA) and the Consumer Protection and Markets Authority (CPMA) will only serve to exacerbate the situation further.

Citing the FSA’s “declining prestige” as a major contributing factor to the current situation, IUA Director of Government Affairs, Nick Lowe commented that “there is a dearth of qualified and experienced staff competent to supervise the insurance industry.”

Whilst it is clear that the implementation of Solvency II has caused greater demand for regulatory professionals, many in the industry agree with Lowe’s opinion that the dramatic decline in standards at the FSA has meant that “many individuals with the right skills have taken their employment elsewhere.” in recent years.

As Lowe points out “regulators will have difficulty in recruiting people of the right calibre. An imbalance in supply and demand will mean that staff costs will be high.”

Not all corners of the industry are quite so gloomy in the face of Solvency II however and at the recent ABI conference PwC partner Charles Garnsworthy was able to highlight the competitive advantages that may become apparent as the EU directive takes hold.

Discussing the “great opportunities for insurers to transform how investors, analysts and policyholders perceive the security and value the sector adds” Garnsworthy sees this period of regulatory flux as one full of competitive opportunities.

In a bold and positive speech he asserted what he saw as the opportunity to “stand out from the pack” as he urged those insurers present to ensure that they don’t lose sight of the “strategic impact of Solvency II”.

Whilst I personally believe that the wholesale changes Solvency II will create across the entire general insurance landscape will certainly be felt in every corner of the industry, I absolutely agree that it is those companies that embrace the changes, rather than fight them, that  will now flourish.

In  Garnsworthy’s words “Solvency II will be a catalyst for managing risk and capital more efficiently and is a real chance for the industry to send a clear message to the markets that it can respond swiftly and decisively to opportunities.”

Whilst certainly many of the challenges that Solvency II is currently throwing up are extremely daunting to say the very least, the opportunities that are also being created are equally as exciting. One thing is for sure, we are now approaching one of the most crucial periods of change the industry has ever know.

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Lloyd’s Insurance Market originated in a coffee house belonging to a certain Edward Lloyd in 1688, which was the haunt of those concerned with maritime trade.

For many years business transacted at Lloyd’s was confined to marine insurance.

In the nineteenth century, however, a large non-marine business began to be built up, particularly business from overseas, and Lloyd’s is now a major international market in this field as well as being famous as a provider of specialist car insurance.

This organisation is unique in the world. The Council of Lloyd’s, established under the 1982 Lloyd’s Act, is the governing body and activities under its jurisdiction are governed by Acts of Parliament. Statutory regulations aimed at preserving the solvency and integrity of Lloyd’s underwriters differ from those applicable to insurance companies, though the intent is the same.

Unlike most of its competitors in the insurance and reinsurance industry, Lloyds is not a company. The Society of Lloyd’s was incorporated by the Lloyd’s Acts 1871-1982. The systems used for issuing policies, collecting and accounting for premiums, and dealing with claims also differ from those adopted by insurance companies.

Only accredited Lloyd’s brokers can place insurance at Lloyd’s. The Corporation provides the premises and all the facilities for those transacting business within its jurisdiction, together with the regulatory controls.

The actual business is not transacted by the Corporation of Lloyd’s but by underwriting members on the one hand and Lloyd’s insurance brokers on the other.

Underwriting members are individuals and their liability is unlimited. However, it would be impossible for all those who are underwriting members of Lloyd’s to transact the business individually and thus they are formed into syndicates in the charge of the person who is responsible for the transaction of the business on their behalf.

This person has complete power of attorney on behalf of the members of the syndicate.

Naturally, an underwriter with power of attorney needs to have assistance and this is provided by his accredited deputies. Those persons actually accepting insurance have of course to comply with rules and regulations and submit themselves to the disciplines of the Corporation.

The Lloyd’s insurance broker is the other part of the market and is also subject to rules and disciplines. He has to be accredited and membership is not granted freely. Only a Lloyd’s broker can enter the Underwriting Room and transact business therein. The ‘Room’, as it is called, is that place where the underwriters sit at ‘boxes’ and transact the business. It is normal for Lloyd’s brokers to be either limited companies or partnerships rather than individuals, and the chief executive of such a company or partnership is the broking member.

The staff of the company with broking powers are known as ‘substitutes’.

There is in addition a category entitled ‘messengers’ who are allowed to take messages into the Room to give the broker but who are not empowered to conduct any insurance broking.

Lloyd’s broking offices range from the giant companies through medium-sized operations, to the very smallest broking firms. Many large and medium-sized offices employ specialists and operate a number of separate departments. Small firms may specialise in one class of business or another and operate with unique trade syndicates. For instance, one broking house concentrates on professional indemnity business, many others on reinsurance, yet others on the hotel and catering trade, and so on. Some small firms, however, operate a general business.

While there is a principle that transactions have to be carried out in the Room itself there are a few exceptions to this, it would be totally impractical for Lloyd’s to transact motor insurance business, particularly for individual policyholders, in this way. Certain motor insurance syndicates have overcome this problem by allowing provincial insurance-broking firms to deal direct with them but requiring that the premium is guaranteed by a Lloyd’s broking firm. Some of these syndicates have actually set up offices in provincial cities and the local insurance brokers deal direct with these offices. This method enables syndicates to compete with insurance companies having local branches.

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2. Transport, Marine Insurance and Marine Cargo Insurance
3. The Changing World of the Car Insurance Broker

The role of a car insurance broker traditionally, is to act as an intermediary between the customer and the underwriting Insurance Company. Within this role there are various functions that they carry out in interaction both with the car insurance buying public and the Insurer with who they place the business.

When a broker places car and motor insurance risks on cover, their role has a major difference to other types of insurance in that the spread of risk is smaller. This is because a very high proportion of motor business is eventually placed on the basis of ‘one risk, one underwriter’ – that is to say, a Lloyd’s underwriter or Motor Insurance company.

When a member of the public goes to a motor insurance broker they expect that the broker should be fully aware of all the covers available and offered in a standard car insurance policy and a commercial motor policy. A broker also should be knowledgeable about the differences in policies and prices offered by the various Insurance Companies and underwriters with which his brokerage does business.

The Car Insurance Brokers role does not just stop with the supplying and purchasing of the insurance. They should be available to act as an intermediary with the Insurer at any time, acting upon the client’s behalf should there be any changes to the policy mid-term of the contract period, or to deal with any claims that need to be made.

The two main insurance areas dealt with by the car insurance broker are the private individual’s motor policy and the commercial fleet motor policy.

A marked tendency in the large broking house during recent years has been to concentrate more and more on the commercial motor insurance fleet placings, and less and less on the private sector of the market.

Many large international insurance brokers view the private motor insurance as uneconomic for a fully sustainable business, and so specialist sub-brokers or large provincial and regional brokers are dealing with a greater proportion of this class of motor business.

Car Insurance Brokers receive commissions for their role as intermediaries which are received from the Insurance companies with which the business is placed. The commissions available in the motor market varies somewhat and the recent ‘soft market’ where premiums and commissions are low, have also led the high street insurance broker to seek more profitable business in insurance classes other than Motor. Commissions for a car insurance policy may range from 7½ per cent to 20 per cent although with commercial vehicle contracts and large fleet business, brokerage may be agreed on a fee basis which is often charged over the whole portfolio for that particular client. In the past a standard rate or tariff which was agreed and reviewed by the Association of British Insurers professional body (ABI) was used in the UK car insurance market. This is no longer the case, but this approach still influences some underwriters in some specialist car insurance areas.

In recent years, however, many larger brokers have developed what is known as a ‘direct dealing account’. This is where the broker introduces a sub-broker to underwriters and then permits him to deal directly with them under a fronting agreement with their own marketing. The accounts, however, will still pass through the main broker. The commission is split between the main broker and the sub-broker, with the sub-broker usually commanding the higher percentage. An important restriction applied to the sub-broker within the fronting agreement is that he must pass the premium on to the main broker within 30 days of inception of the risk.

The role of the motor broker has changed somewhat in recent years with the development of Internet based quotation systems.

In particular the insurance comparison websites who have taken over the role of the broker to some extent. These quotation systems have been used successfully however by some car insurance brokers who have adapted and embraced the technology and now offer full on-line comparison quotes from their panels of insurance providers. The benefits are a very quick service, although it may still be advantageous for the broker to ‘shop around’ for the best deal for one’s client, particularly if the cover is for a non standard driver or car.

Whatever the changes in the technologies and methods of Car Insurance delivery there will always be clients who want a human face and to talk to someone directly about their insurance needs. The role of the broker is ultimately communication.

If a driver owns a classic car, specialist classic car insurance brokers will compare classic car insurance policies and rates on the customers behalf. Similarly if a customer has medical conditions or convictions or is a young driver that wants to drive a high performance sports car a Specialist Car Insurance Broker will be able to place the risk amongst their many schemes. A Broker is often the only option for non-standard motoring risks that the mainstream suppliers will not service.

Article Source: http://EzineArticles.com/?expert=Dave_Healey
http://EzineArticles.com/?The-Role-of-Car-Insurance-Brokers&id=4753910

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In a speech to those lovable Bankers and Merchants (Merchant Bankers having a Ruby to you and me Cockneys!) at the annual Lord Mayor of London’s dinner at the Mansion House last night,  Champagne swaffing hatchet man George Osborne announced that the FSA will cease to exist in it’s current form by 2012.

Osborne said,

“What we are proposing is a new system of regulation that learns the lessons of the greatest banking crisis in our lifetime. I can confirm that the Government will abolish the tripartite regime, and the Financial Services Authority will cease to exist in its current form.

“We will create a new prudential regulator, which will operate as a subsidiary of the Bank of England. It will carry out the prudential regulation of financial firms, including banks, investment banks, building societies and insurance companies.”

The news will probably be met with cries of  “hurrah” from Insurance Brokers up and down the Country, who have for five years been complaining about the unfair business practices demanded by the bureaucrats and exorbitant costs of Fees.

Without doubt, The UK Insurance market has shrunk since the FSA came to power due partly to to restrictions and barriers to entry to the market, imposed by the FSA.

What prudential authority is created to replace it remains to be seen. ……

It’s all a little deja vu and while we resent paying our FSA fees as much as the next person involved in UK Insurance, one cannot but think, haven’t we been here before? and before…….

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The problem with metropolis style regulation is that there is no point having it unless you have enforcement.
The UK Insurance Industry likes to use the nice word compliance as a synonym for the cost.

This has breed a whle new industry in itself, outside of the additional thousands of pen pushing bureaucrats in the FSA.
Compliance, generating a whole new industry and wealth base….the compliance officer or consultant.

The problem is … it hasn’t generated any wealth has it?

Where’s the money for all this compliance come from?

Out of the pockets of the Insurance companies involved!

And where do you think that money is going to be retrieved from?

Quite Right! Higher Insurance Premiums for me and You!

So what we initially thought might be a boring insurance story has turned out to be very intriguing.

What’s happening in the world of compliance and Insurance Brokers?
we thought we’d catch up………..

Insurance Blogger Kris Oldland Reports…

Regulation and Compliance: FSA Fees a “burden on smaller firms” Says Institute of Insurance Brokers’s Bradshaw

I imagine that there are no small amount of insurance brokers out there at the moment wondering what on earth they have done to upset the financial authorities so much.

First we see her majesties wonderfully efficient revenue and customs chaps getting it completely wrong with Insurance Premium Tax and piling unnecessary and unwarranted taxation on the broking sector. Probably too busy trying to doubling erroneous tax bills to pay to much attention to what the role of the humble broker is.

But like the pantomime baddy that tries to steal every scene in the show in wade the FSA to show these clowns in the HMRC that when it comes to completely missing the point and costing brokers a lot of time, money and emotions – they have the market cornered by proposing a minimum regulatory fee of £1,000.

As they have done so many times before they really seem to have tried so hard to do the right thing but somehow just managed to get it so wrong. The move to review the fees and levies structure is the correct thing to do, but it needs done in a considered and intelligent manner.

When will the FSA understand that sometimes a one size fits all approach to all things financial just doesn’t work. Sometimes that square peg just won’t fit into that round hole – no matter how hard you smash it with that sledge hammer.

Well they’re in trouble now because Barbara Bradshaw, chief exec of the IIB and defender of the humble broker has the FSA in her sights. For the record I think that Barbara is a wonderful and very likeable lady, that said I wouldn’t like to get on the wrong side of her either, she is also a very powerful and determined lady who strikes me as being able to achieve anything she puts her mind to.

Referring to the proposed minimum fee as ‘totally disproportionate’ Bradshaw went on to comment that the fees were likely to become a major ‘burden for the smaller firms’

She added “While we welcomed the FSA’s commitment to review the fees and levies structure, we’re nevertheless concerned that the proposals really do penalise the smaller broker. The FSA’s proposed fee structure means many smaller brokers could face up to a 200% increase.”

Showing a complete lack of understanding for the complexities of the broking community as well as fundamental disregard for the smaller brokerages the FSA have claimed in their consultation document ‘Regulatory fees and levies: policy proposals for 2010/11’ that “These proposals simplify and significantly increase transparency as it is clear what the minimum fee covers and why”

The document goes on to later state that the new system will “be fairer as the basis for calculating it will be the same for all firms.” Again they are so close to getting it right aren’t they? Again the theory behind it sounds like it is ticking all the right boxes but the delivery is just far too heavy handed.

The biggest worry is if we get rid of this incompetent lot, who are on earth are we going to get to replace them? Part of me would say that its better the devil you know. Perhaps if they just started listening to people like Barbara, Eric Galbraith or even god forbid a few insurance brokers, they may actually be able to make the leap from having good ideas to actually doing some good? But can we afford to give them the time to learn from there mistakes when their mistakes are costing us so dearly?

Sort ‘em out Barbara for all our sakes.

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In a year that has seen considerably less Insurance Mergers & Acquisitions activity than we had become accustomed to in the latter half of the noughties, the UK Insurance press at large has seemed occasionally a little desperate for gossip. So when one company keeps returning to the forefront of the latest trade press pages we can’t be blamed for thinking that we may have heard it all before…

Interesting analysis Kris!
We’ll keep you posted here of any developments.

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Kris Oldland looks at the options for Insurance Brokers in the UK who might be thinking of selling their businesses…

The Most Important Deal of Your Life

You have spent the majority of your adult life working hard and slowly nurturing your company to a position of strength. Your reputation as an honest and efficient business person is a proud reflection on your work and the fact that many of your long standing clients are now trusted friends is testament to this. So how do you put a price on your life’s work and can you really walk away knowing that the business will be in safe hands?

When considering selling, it is vital that you establish a clear cut succession plan to ensure that you receive the correct financial reward for your career’s work. It will take time and careful consideration to find the option that works best for you and there are plenty of questions to be raised before you choose which path is best for you.

In practice there are six main options for those looking to pass on or sell their business. Of course each situation is different and often a compromise between these will be required. However as a general rule at least one of the following scenarios will fit with most acquisitions within the broking sector.

Possibly the simplest option is to persuade your fellow directors to buy you out. This can often be agreed quickly and without too many problems as you are dealing with people whose trust and understanding you have gained over the years.
The integrity of the business remaining unaffected and the lack of disturbance on your client base and staff are also great advantages.
However, this form of buy out is dependant on finance being readily available to the remaining members of the board so it is not always viable.

Alternately an individual could sell their shares to an external third party.
There is some risk in this as the wrong person coming in could cause difficulties with the remaining shareholders.
The flip side however, is that if the right person comes on board then they can add an injection of new ideas and fresh life into the business propelling it forwards.

A long term strategy is to train an existing employee with a view to taking over the reins.
This offers the prospect of instilling your existing values into the next generation of your company and goes some way to ensuring a legacy; however the obvious pitfall is the realisation of capital.
Unless your protege has substantial personal wealth or you are a very generous employer, will they have the funds necessary to step in and buy you out when the time comes?

If all shareholders are in agreement then selling up to another firm is a common choice, but how will working under a new regime impact upon those that stay on?
Can those members of the board that stay adapt to less business-critical roles so easily?
Without the full backing of all the shareholders a successful deal cannot be agreed so negotiations need to reflect the needs of those who will remain as much as those who are looking to leave.

The final option is to face up to facts that liquidation may bring in more revenue than selling the company as a going concern.
If the business is turning over just enough to stay afloat but retention rates are not sufficient enough to attract a reasonable offer, it may be that the equity tied up in assets such as cars or property may be more profitable sold on their own. Again the decision to wind the company down is one not to be taken lightly as the welfare of your staff also enters the equation once again.

Ultimately you need to think carefully about the exit strategy that fits with your own thinking and how you wish to see the business develop once your gone.
The most desirable strategy may not be available to you and of course market conditions and levels of third party interest is always going to feature highly in how you leave your business and the value you are able to realise for it.

For any seller, it is essential to find a suitor that you are comfortable with so you can be confident that the new corporate culture will sit well with the way business has been run traditionally. It may be the last deal you make, but be prepared to do some serious work on this one as quite simply; it is the most important deal of your life.

Insurance Aquisition and Mergers specialists Insuretec agree……..

LARGE DEMAND FOR INSURANCE BROKERAGES IN THE SOUTH EAST

If you’re a insurance broker or agent in the City, Home Counties, Sussex, South East or South West England……..

Then now is the time to sell.

The demand for brokerages and books of business has never been so good.
Whether it be the cash rich regionals who are looking to grow or extend their regional capabilities or brokers looking to extend their strategic position or simply to purchase quality accounts and schemes to bolster their ever growing books of business, the demand is enormous.

The huge demand for brokers in these regions leave the price of selling at a stable position.
Yes, there are always people looking for a bargain and using the present credit crunch to squeeze the price down, but the demand for quality accounts has never been so good.

A good quality book of commercial insurance business or high net personal lines in the required sector is always worth selling.

At the end of last year we saw a slow down in businesses for sale.
Why? The buyers were still there?
Just not the very few larger organisations who decided to close their doors to acquiring.
Regional brokers and UK brokers who had structured their businesses well were still trading and still looking to acquire and still are.

We have also seen more businesses looking for schemes and blocks of specific business eg property owners, marine, credit,hauliers.

We have also seen the increase of more overseas companies looking for uk brokerages to place their uk clients and to extend their insurance market relationships.
These work very well for brokers who need to take the business to the next stage but do not have the investment to do that.
Their everyday job can remain stable, although on a wider basis and normally part of something larger.

At the end of the day if you have decided that you do not want to be in the industry anymore, then selling is your best option.

There is no price for the freedom of doing something that you want to do.

For a free service if you are considering selling visit Insurance Broker Sellers or speak directly with Chris Coates on 07801 329242

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Insurance brokers were already an established feature of the London Commercial and Finance scene by the time of Queen Anne. At the beginning of the Eighteenth Century Stuart and Hanoverian England controlled most of the trade runs around the Globe and the British Empire was in its early heyday.

Insurance Brokers came into existence because the marine insurance of ships (hulls and cargoes) emerged slowly as the part-time occupation of a large and disorganised group of private individuals, some with specialised knowledge such as merchants, ship owners and bankers, but including a wide range of people whose only common characteristic was that they had capital to speculate and large profits were available for risk seekers during these enterprising times of discovery. The first insurance broker was a Marine insurance broker and came into being as a response to a need at the time.

This miscellaneous group of individuals included, at one time or another, such diverse figures as Samuel Pepys, the Admiralty civil servant and famous diarist, and Daniel Defoe, the celebrated journalist and novelist, but no doubt there were hundreds if not thousands of others who, in the gambling spirit of the age, were willing to put their signature to, that is to underwrite, a list of people sharing a risk.

Because of the hazardous nature of marine insurance, no one would gamble more than a fraction of his (or her) fortune on any particular vessel, and so someone had to run round the City to assemble a list of names to provide cover for each of the ships leaving port, the so called Lloyds List provided by an early bookies runner.

As Gibb writes in his Lloyds of London, the brokers were the fixed point in a floating market.

It was they who were the professionals, the full-time men who depended on insurance for their daily work and livelihoods, who kept recognised offices, knew the responsible underwriters and, through long experience, were best informed on the nature of marine risk.

Over the next 300 years of so until the present day, the evolution of insurance broking saw many ups and downs, but was characterised by three outstanding features: the growth, diversification and, most recently, amalgamation of insurance broker firms. Insurance products themselves have followed the insurance broker evolutionary path and likewise responded to the needs of the times.

How Mr Pepys would marvel at the way Insurance is now transacted everywhere across the Internet. Marine Insurance is readily available online today for global cover and risks and can as easily be obtained by the small boat owner seeking boat insurance cover as the large shipping magnate looking for cruise ship insurance. Equally available, Freight Forwarders Insurance and Marine Cargo Insurance advice, risk information and quotes can also now easily be obtained online, as can tracking the progress of shipments.

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The Association of British Insurers is reported to be furious with the way that the nationalisation of the Bradford & Bingley debt has been handled which has left UK Insurance Companies having to foot the bill of £14 billion to cover any losses under the FSA controlled Financial Services Compensation Scheme (FSCS).

If the FSCS has to pay out more than 1.84 billion per year then insurance brokers and intermediaries will be asked to contribute more to the fund, to which they already pay a substantial amount each year in order to trade. This could well lead to more small insurance businesses going under – especially as we have not yet seen the last of the big fallers in the Global finance world.

This weekend the Belgium Government was trying to sort out another rescue package for troubled insurance company Fortis who have already received an 11.2 billion input from the Benelux governments. Fortis incidently had a large affinity scheme with Bradford and Bingley. Two other companies heavily involved with B&B were Zurich and Norwich Union.

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Anne Malone – Insurance Broker Mergers and Acquisitions Director at Insuretec Ltd. who have been introducing buyers and sellers for over fifteen years, told Insuranceblog.

“We are seeing books of business and complete brokerages selling at up to four times their value.
This is double what you could expect if your were selling your brokerage a year ago!
There is a very strong demand for insurance brokers in the Home Counties. Particularly good books of medium sized business could go for even more as the Buyers compete.
Recently we have also experienced seven and eight figure amounts being paid for established online insurance businesses as the Buyers try to cover every distribution channel”

The credit crunch appears to have had little effect upon the voracity of buyers to consume their smaller counterparts – if anything the opposite effect is seen.

There are some very large warchests out there as the larger businesses grow through acquisition.

Perhaps unlike houses – Now is the time to sell your business
In racing parlance – the going has never been so good!

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According to the HBOS website ‘Over 7 million customers rely on our household, travel, repayment, health and pet insurance. Our business already generates over £1.7 billion premium income and nearly £½ billion profits – and we’re growing very fast. ‘

(Maybe they haven’t updated the site yet)

Yes very fast and note the amount of profits!
Insurance blogger sees no benefits of this merger to the general public – there will just be less outlets selling less brands or versions of the same offering which are usually overloaded with commisssion profit!

Our advice to those seven million new LloydsTSB customers (and the existing ones) is – shop around on the internet – save money! Apathy costs!
Alternatively get one of those good old fashioned insurance brokers to do it for you – at least that way you’ll be properly covered and not paying over the odds for all your insurance needs!

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