RESIDENTIALlettings
LETS merge!
LetRisks is a new company created from a merger between Let Insurance Services and PropertyRisks. Sheila Manchester met the new team.
T
he last five years have been a period of great change in the world of residential lettings, especially for those offering
referencing and insurances, with massive increases in demand for these services and the inevitable formation of new providers, creating ever greater competition. Competition is good, it keeps providers
on their toes, leads to better service and drives prices down. However, this ‘benefit’ can also create problems for all the players and increase the pressure upon them. The smart players constantly monitor
their position in the market, the state of their market and the actions – good and less good – of their competitors; seeking to maintain their own stability and growth. And it was this good housekeeping practice in two of the UK’s leading insurance and referencing firms, Let Insurance Services (LIS) and PropertyRisks, led to them merging on Thursday 1 March 2012 to form a new company, LetRisks. Michael Portman was Founder and
Managing Director of Let insurance Services. He is a chartered surveyor and an ACII qualified insurance professional with
56 APRIL 2012 PROPERTYdrum
specific experience in property and lettings insurance. Miles Ritchie, Founder of PropertyRisks ,
is a multi disciplined insurance professional with experience in the London and Hong Kong markets for the insurance of large international property portfolios. The two have led the merger to create
what they describe as ‘a strong and robust insurance firm, offering agents a wide range of tailored insurance products and tenant referencing services’.
Many of our staff have worked in
letting agencies so they understand the challenges.’
LetRisks will be headed up by Michael
Portman (as Managing Director) and Miles Ritchie. Philip Cook, past president of ARLA and a former director of Ashton Burkinshaw, will be Chairman and Robert Lumley also sits on the Board. Nigel Atkinson, an insurance
professional with many years’ experience, will be responsible for leading business development and the new management team will be supported by the existing staff. There’s good news for the staff – no
redundancies – both firms’ offices will be retained, one in Southampton and one in Banbury.
SM (Sheila Manchester): “Tell me how agents will benefit from the combined strengths of Let Insurance Services and PropertyRisks?” MR (Miles Ritchie): “Both companies have, for the last five years, been leading specialists in the property insurance market and many members of staff have worked in letting agencies, so we understand the pressures and challenges that agents face. “We know that agents want choice on the arrangements with their insurance
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