|Example 5 - UK SME Commercial Combined - Distribution Focused
|Brighton-Hove Insurance Brokers Ltd
|Capacity Seeker Type
|SME Liability SME Packages SME Property
|Main Products, Coverages and Limits
|Office Guardian, Retailer Guardian, Restaurant Guardian, Freelancer Guardian, Contractor Guardian Coverages include standard property, EL, PL and tools cover, depending on the product Limits and deductibles vary by cover - see attached policy documents Policies can be purchased for days, months or a year
|US licensing requirements
|EU licensing requirements
|Class 9 - Damage to Property, Class 13 - General Liability, Class 16 - Miscellaneous Financial Loss
|Relevant Lloyd's Risk Codes
|Brief outline of the program’s distribution
|Direct to customer and online comparison sites represent the majority of our premium and this is growing year-on-year. Premium originating from retail brokers is declining every year and now accounts for c. 20% of GWP.
|Brief outline of how risks are underwritten, rated and priced and policies issued
|Our focus is on offering competitively priced products through a variety of distribution channels including comparison sites, quote-to-bind platforms and affinity partnerships Our underwriting platform rates risks based on question sets, issues policies and invoices brokers/clients
|Business Written Impacted by OFAC, UN, EU or HMT Sanctions
|Program Profile processes description
|Our underwriting platform has APIs to all key distribution partners None of our policies are handled outside of the platform Underwriters handle system referrals in about 4% of cases, otherwise it is accept or decline Carrier partners have full access to our platform where we jointly agree pricing
|Description the stage of maturity of this program
|Experienced – Limited or restricted historic data available. Typically, track record of 1-3 years in existing operation or 3+ years from another operation.
|Underwriting Performance and Projections
|Policies and Premiums
|Claims and Losses
|What capacity currently supports or has historically supported this program, if any?
|Currently supported by two Lloyd's syndicates as well as Ageas and RSA
|Why are you seeking capacity?
|Seeking to broaden support Some existing carriers have limited risk appetites in trades we are experiencing a lot of demand The limited risk appetite is due to carrier conflicts with their own underwriting and other coverholders they support
|What authorities, limits and structures are you seeking for your program? Will this sit alongside or replace current capacity?
|Types of agreement
|Line Slip Facility, Master Policy Agreement
|Claims Authority Sought
|Minimal AM Best Financial Strength Rating
|Other Participating (Re)Insurers
|What are the proposed commercial terms for the program?
|35% total commissions 25% maximum broker commissions 15% average commission on affinity partners £50 admin fee 22.5% profit commission after 10% underwriter expenses
|Business and financial plans
|Underwriting, claims and operations
|Compliance and governance
|Policies and procedures
|Brighton-Hove Insurance Brokers Ltd
|Business Trading Bases
|Retail BrokerWholesale Broker
|Year of incorporation
|Company Registration No.
|Regulatory reference No.
|Country of Incorporation
|Credentials and Membership
|Brief description of the company seeking capacity
|BHIB is a family brokerage business that has been serving the local community for nearly 25 years.
|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?