|Example 4 - Specialist UK IFA Program
|IFA Underwriters Ltd
|Capacity Seeker Type
|Main Products, Coverages and Limits
|Specialist IFA program £5m LOI - primary layer £3m LOI - excess layer Deductibles from £10k to £100k
|US licensing requirements
|EU licensing requirements
|Class 13 - General Liability, Class 16 - Miscellaneous Financial Loss
|Relevant Lloyd's Risk Codes
|F3 - PROF INDTY E&O FOR FIN INSTITUTIONS EXCL USA
|Brief outline of the program’s distribution
|The business comes entirely from a network of 65 retail brokers; most of the business is repeat business.
|Brief outline of how risks are underwritten, rated and priced and policies issued
|We use our own specialist wordings Strict risk management adherence and notification protocols Significant effort is expended on evaluating risk management practices of IFAs, their definition and implementation.
|Business Written Impacted by OFAC, UN, EU or HMT Sanctions
|Program Profile processes description
|Head Office is based in Leeds Two roving underwriters travel around the UK meeting with brokers and clients We have a quote-to-bind platform, but most business is renewal and comes in via email All quotes are reviewed by 2 underwriters before issuance Key renewal period around end of year
|Description the stage of maturity of this program
|Mature – Robust historic data and program analysis available. Typically, track record of 5+ years in existing operation with well-developed systems and controls.
|Underwriting Performance and Projections
|Policies and Premiums
|Claims and Losses
|What capacity currently supports or has historically supported this program, if any?
|Why are you seeking capacity?
|What authorities, limits and structures are you seeking for your program? Will this sit alongside or replace current capacity?
|Types of agreement
|Binding Authority Agreement
|Claims Authority Sought
|Minimal AM Best Financial Strength Rating
|Other Participating (Re)Insurers
|What are the proposed commercial terms for the program?
|Business and financial plans
|Underwriting, claims and operations
|Compliance and governance
|Policies and procedures
|IFA Underwriters Ltd
|Business Trading Bases
|Year of incorporation
|Company Registration No.
|Regulatory reference No.
|Country of Incorporation
|Credentials and Membership
|Brief description of the company seeking capacity
|Our MGA originally started out as a division of a broker which was spun out in 2018 to minimise conflicts-of-interest. Our team's origins come from a strong risk management background for a variety of financial services businesses.
|Have any principal personnel of the Capacity Seeker been charged with or convicted of a criminal offence other than a minor motoring offence?
|Have any principal personnel of the Capacity Seeker been a party to any legal action, or if any legal proceedings have been commenced to which your company is a party or are any such actions pending in which your company has been named as a defendant?
|Have any principal personnel been subject to any application for liquidations, receiverships, bankruptcy or similar proceedings or been subject to an administrative order?
|Have any principal personnel of the Capacity Seeker entered in to or propose to enter in to an agreement or assignment with creditors or otherwise acknowledge insolvency?
|Have any principal personnel of the Capacity Seeker been disqualified under company law?
|Have any principal personnel of the Capacity Seeker had a licence or authorisation to conduct insurance business refused, suspended, withdrawn or not renewed?
|Has the Capacity Seeker ever had a delegated authority from any insurer, including a Lloyd’s managing agent / syndicate terminated mid-term or not renewed by the insurer / Lloyd’s managing agent?
|Has the Capacity Seeker made any professional indemnity claims or notified insurers of prospective claims in the last 5 years?