www.broking.co.uk May 2010 Serving the broker community for over 30 years GET ONBOARD 10 SEPTEMBER 2010, THE BREWERY, LONDON 2010 Enter online at www.ukbrokerawards.com IA_FalseFronCover_Rach.indd 3 28/4/10 13:45:49 2010 10 September 2010 The Brewery, London ENTER ONLINE NOW AT: www.ukbrokerawards.com Recognise your excellence and stand out from the crowd at the UK Broker Awards – the only broker-focused insurance industry awards in the UK showcasing the “best of British”. Now in their 17th successful year, they recognise excellence and innovation in the UK broking sector, from small local brokers to strong regional and national players. Seventeen categories present opportunities to highlight your successes, whether in marketing, technology or as intermediary of the year. Two new categories – Business Owner of the Year and Network Member of the Year – ensure that the UK Broker Awards continue to reward the entire broking community. BENEFITS OF ENTERING Simply being shortlisted gives you the opportunity to showcase your achievements and winning or being highly commended will be a major boost to your staff and image, providing an excellent promotional device and marketing opportunity on a regional and national level. If you have something to be proud of, you really should be entering the UK Broker Awards 2010. WHO CAN ENTER? The awards are open to Financial Services Authority (FSA) registered insurance brokers, intermediaries and appointed representatives only. IA_FalseFronCover_Rach.indd 4 28/4/10 13:46:13 www.broking.co.uk May 2010 Serving the broker community for over 30 years SMEs call for post- election stability National Insurance by 1%, with By Louise Meeson the Conservatives planning to raise the threshold when the he three major parties increase kicks in to £35,000 Twere accused of treating and the Liberal Democrats the small business sector as a intending to reverse the policy. “political football” ahead of But, Mr Orford said that the general election. overall the parties’ policies Phil Orford, chief executive were not that different. of the Forum of Private Busi- “We would like to think ness (FPB), said that regardless we could get this tax on jobs of the colour of the new Gov- removed completely but we ernment, it had to create an understand that with the defi- LABOUR CONSERVATIVE LIBERAL DEMOCRATS environment of “certainty and cit any Government will have stability” in order for busi- to raise revenues,” he added. l Increase National Insur- l Only apply the NI l Reverse the 1% nesses to grow. In the Federation of Small ance (NI) contributions increase to those earn- increase in NI after “Many small businesses Businesses (FSB) 2010 mani- by 1% except for those ing more than £35,000 identifying match- have faced extremely tough festo, John Walker, FSB policy individuals earning and exempt new busi- ing spending cuts or conditions during the credit chairman, said the Govern- under £20,000 nesses from paying NI alternative sources of crunch,” he said. ment would be forced to make l Establish a UK finance on the first 10 employ- revenue “Just when we were getting “complex and tortuous deci- for growth fund of ees it hires during its l Simplify the Corporate a bit of positive news about the sions” in order to lead the £4bn for small to first year of operation Tax system by removing economy coming through, the country to recovery. medium-sized enter- for two years avoidance schemes and campaigning started. The gen- “A sustained recovery will prises (SMEs) in need of l Use government guar- reform business rates eral election could not have require more finance than the finance antees to create more l Establish local enter- come at a worse time.” banks are currently able or l Create a new small diverse sources of prise funds to provide Mr Orford continued: “It’s willing to give; it will require a business credit adju- affordable finance for capital to start-up busi- wrong that such a key part of sympathetic tax regime, a sta- dicator with statutory SMEs nesses and establish the economy is being used as a ble and predictable business powers ensuring that l Cut the main rate of a network of regional political football.” environment, and targeted SMEs are not turned Corporation Tax from Stock Exchanges to In the small business sector, measures to bring on innova- down unfairly when 28p to 25p and the provide finance for all of the major parties focused tion and entrepreneurship,” applying to banks for small companies' rate established smaller on Labour’s plans to increase he added. finance from 22p to 20p businesses Tony Cornell discusses the options QuinnUKbanreversed opentobrokersastheyattemptto achievegrowthinatoughmarket uinn Insurance has been ing model and a strengthening Qgiven permission to re- of its pricing structure. Pro- Agenda p22 enter the UK market despite an visional insurance accounts earlier decision by the Irish regu- for only 10% of Quinn’s UK lator preventing it from writing business. This month’s discussion takes new business in the country. In a statement, Quinn said: place in Glasgow and explores The Financial Regulator “While this is a limited re-entry theimpactofe-trading modified its previous stance to it is an important development allow the Irish insurer to write as the UK market has been a Power hour p28 motor insurance cover for pro- core part of the business for Biba 2010 visional drivers. The regulator the past five years. said it had taken the decision “The company’s business This month’s Reportage Martin Friel explains why public after analysing the information model of efficient operations, gearsupforBiba’s trust in the insurance industry provided by Grant Thornton, pro-active claims approach hasgoneupinsmoke Quinn’s administrators, which and a targeted approach to annual conference and detailed improvements made selective customer segments explores how attendees Volcano fallout p48 ▲ in the company’s underwrit- Story continues on p3 can gain value Menu Have a Welcometothe happy Markel Broker Lounge hour with Cappuccino Markel. Latte Or even just 10 minutes. If you want to spend some quality insurance time at Espresso BIBA 2010, pull up a stool at stand E2, unwind and let our specialists inform and Bollinger entertain you. Not only will you discover why we’re a leading name in niche markets, you can expect a warm welcome, a glass of bubbly PLUS BIBA SPECIALS and perhaps even an Absolutely Fabulous encounter with a familiar face. PROFESSIONAL INDEMNITY Autograph hunters welcome. SOCIAL WELFARE For insurance with a smile, join the party at the Markel stand. Cheers! UK Offices Offices Operating divisions London market brokers: Birmingham London Marine and energy www.markelintl.com Bristol Stockholm Non-marine property Cambridge Equine and livestock Madrid UK regional brokers: Edinburgh Professional liability Singapore www.markelukbroker.com Leeds Markel UK Manchester Montreal Specialty Reigate Toronto Trade credit News Insurance Age Editor Martin Friel Irish regulator softens to allow 020 7316 9732 [email protected] News editor Louise Meeson 020 7316 9867 the writing of provisional motor [email protected] Reporter Liz McMahon as part of the plan to restart more busi- 020 7316 9115 By Martin Friel ness in the UK, the administrators were [email protected] preparing to increase rates by up to 20% Group editor-in-chief Anthony Gould Continued from front page on certain lines. 020 7316 9374 [email protected] offers the opportunity of sustainable Despite the positive moves to shore Production editor Ruth Ganthony profitability.” up the business, there was gloomy 020 7316 9717 The Financial Regulator also opened news on the staff front with the admin- [email protected] the door to a future loosening of restric- istrators admitting that Quinn’s UK Sales manager James Murray tions. It said it had requested further business could not continue in its cur- 020 7316 9296 [email protected] information from the administrators rent form and, at the time of going to Sales executive Chris Finnegan in relation to their proposed business Quinn’s offices in Salford press, plans for the restructuring of the 020 7316 9632 plans for the UK market and would business were underway. [email protected] consider allowing Quinn to once again But workers’ spokeswoman, Mona Commercial director Phil Davison 020 7316 9215 write other lines of business. operations in the UK would be met. Bermingham, warned that time was [email protected] “Once further detailed information is According to reports in the Irish running out to save jobs. Head of key accounts Sajeeda Merali provided, the Financial Regulator will press, the Irish government insisted “There are 1,500 people employed 020 7316 9765 examine the directions on the Quinn that the Department of Finance would to facilitate the UK and Northern Ire- [email protected] UK business with a view to reopening make “appropriate funding available to land market,” she said. Group production manager Lorna Graham 020 7316 9707 of certain profitable business lines on a assist the administrators in bringing the “Only 10% of our market has been Digital production manager Rebecca Yegliss phased basis, in consultation with the company back to a sound commercial reopened there. You can do the math- 020 7316 9228 FSA,” it said in a statement. and financial footing”. ematics yourself.” [email protected] The good news for Quinn came It gave additional commitments that Meanwhile both RSA and Axa have Art director Nicky Brown as the Irish government assured the Quinn Insurance would no longer use been named among a host of compa- 0207 7316 9507 [email protected] Financial Services Authority (FSA) that certain lines as ‘loss leaders’ to attract nies rumoured to be preparing to make Head of marketing Ro Osborne any funding needs arising from Quinn’s business.