“YOU ARE JUDGED BY THE COMPANY YOU KEEP!”
We have been contacted by a number of brokers asking for advice regarding the utilisation of unrated insurers and the message they should be delivering to their clients.
Miles Smith specialises in difficult high risk business for the UK broking community. We pride ourselves on dealing with ‘A’ rated insurers and Lloyd’s paper to provide solutions for a great variety of industries. Particular attention is given to long-tail liability business in view of our specialisation in “industrial disease risks”. Many of our insurers are called upon 25 years after inception of a contract of insurance, to meet their liabilities on Employers’ Liability under the statutory of provisions, so we have a keen understanding of why this topic is so important to you.
In recent years, under the Passporting Regulations, many non-UK domiciled insurers have been given permission to write these classes, as well as the shorter-tail business for the UK broking community. The net result of this has often been failed insurer after failed insurer, many featuring the same structure and underwriting personalities year after year. The Regulator, Local Authorities and Government, together with our own Trade Bodies, are becoming increasingly agitated by this appalling outcome for the UK Plc.