BROKERS’ MONTHLY 3
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ACE in the hole
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Forensic accounting
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David Shaw – a busy man
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Service fraud ordeal ends
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ManningUK 25th Anniversary
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In concert with the Phoenix Orchestra
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The trade associations speak with one voice
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A tick for AXA’s new flood rating tool
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Fortis splits insurance from banking
ACE in the hole
insurance programme with all the benefits of local
he consolidation of the traditional
servicing.”
T
‘composite office’ regional branch structure
Regarding current market conditions, he believes
has given others the opportunity to fill the
that in a hardening market, premiums will rise but
gaps, and one of the players serving regional broking
clients and their brokers still need to maintain focus
needs is ACE European Group. Patrick Drinan is the
on identifying, mitigating and eliminating risk as well
UK and Ireland national distribution and
as transferring it to insurance companies. “I think
development director and our recent discussion
there is a danger that people lose sight of new
concerned the wide-ranging aspects of broker
exposures or increased risks in the face of pressure to
support.
contain costs and cut expenditure on insurance
In particular, the assistance ACE provides for
premiums. Examples include exposures in the areas of
brokers with clients with multi-national exposure.
environment liability or cyber liability.”
Mr Drinan says that many small to medium UK-based
With regard to the fortunes of the broker
regional brokers have clients
community in the next few years, Mr Drinan observes,
with an offshore operation,
“Like all other businesses in the economy, brokers will
which they cannot always
have an eye on their own bottom line. It will be tough
bring into their portfolio
to increase revenue and many brokers will be focused
because they are unfamiliar
on protecting their own margins. These times will be a
with the complexities of
test for their various business models, developed in
overseas insurance practices.
the soft market, as they search for ways to better serve
“ACE Evolve is designed to
their clients, reduce costs, improve productivity and
help smaller companies
improve efficiency.
which may only have one or
“But in the end the basic ingredients for broker
two international trading
success have not changed in the downturn. The wise
operations, and up to now
insurance brokers have been proactively engaging with
may have been purchasing
their clients, understanding their needs and
their insurance in those
consistently offering them sound, efficient and cost
Patrick Drinan
locations rather than via
effective advice for quite a while. Better brokers take
their UK broking provider,” he explains. “It provides
a long term approach to servicing their clients, and
access to our global knowledge, products and
the ones with good client-focused business models and
servicing capability. Underwriters in our local UK
strong relationships with financially secure insurers
branches can work with brokers to access our global will, I think, see opportunities, and do fine in coming
network which will assist them in producing one years.”
Brokertalk in association with
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