NEWS
WHA
BGL delivers £54m profit
BGL has announced results for the financial year July 2008
to June 2009, showing a profit of £54 million, which it said was
linked to growth within the groups price comparison site,
comparethemarket.com, the addition of new affinity partners
for Junction, and the ongoing performance of its own brand
insurance products.
T’S
Group chief executive, Peter Winslow, said: “Economic
conditions have put the pressure on all UK businesses. In our
case, the rapid growth we’ve seen in previous years has been
somewhat tempered. We have been in a fortunate position,
however, having spent the previous year streamlining processes
and driving efficiency. As a result we were able to stay ahead of
NEW?
market changes. I’m very proud that we have delivered
significant profit in such a challenging environment.” Peter Winslow
Open GI secures Close
Premium Finance Contract
Aon supplies pandemic cover
Close Premium Finance
Broker Aon has created a standalone insurance policy to
has committed to a three year
reimburse companies for wages, fixed costs and extra
contract with Open GI - the
expenses if they are unable to access their buildings as result
software houses software
of a pandemic outbreak such as swine flu (H1N1).
enables brokers to deliver an
After the H1N1 outbreak in April 2009, both the Mexican and
electronic premium finance
Argentinean governments shut their central business
Searchlight moves into
service at point of sale.
districts, public buildings and educational institutes to
compliance
The software also
prevent the spread of infection.
Consultancy Searchlight
includes an electronic
If the UK or other governments take similar action in the
has launched a dedicated
accounts reconciliation
event that the pandemic escalates, companies may not be
regulatory compliance support
facility, providing further time
able to rely on their standard business interruption insurance
service. The service is aimed at
savings. Close Premium
policies, said Aon. The broker typically only physical damage
smaller brokers looking for a
Finance has over 2,500 broker
and notifiable diseases of which H1N1 is often not included
flexible outsourced compliance
customers in the UK &
and is subject to low limits.
support service on either a one-
Ireland. The new Aon product is believed to be the first available
off or an ongoing basis. The
Tim Wilson, sales and to all industry groups, rather than solely focusing on
new service is headed by
marketing director, at Close hospitals and the healthcare industry. Retail, transport and
Searchlight director Peter
Premium Finance, said: “Open manufacturing are likely to be the most affected sectors as
Farmer who explains: “We have
GI works with a very wide UK they rely on public access and staff on site, whereas most
found that many firms are
broker base and continues to financial services employees, for example, are able to work
increasingly aware that
expand its overall footprint. from home. Matt Harvey, senior wordings technician/broker
satisfying the FSAs open-ended
Partnering with a at Aon for UK/Europe, commented: “Imagine Oxford Street is
requirements requires a level of
software house that has a quarantined in the run up to Christmas. This could lead to
expertise they cannot readily or
40% share of the broker
massive losses in the retail sector. Winter is looming and
affordably resource in house.
market facilitates a
companies across the board are working on business
We have brought together a
significant part of our
continuity plans, identifying everything that could go wrong
team of individuals with the
revenue stream. It also allows
and looking for ways to protect their business.”The policy
breadth and depth of experience
us to provide brokers with an
covers costs for additional expenses such as decontamination
to identify and manage any
electronic, hassle free way of
and additional staff to ensure a business is up and running
compliance-related issues they
transacting premium finance
again as soon as possible after an official closure is lifted.
are likely to encounter.”
with real cost savings.”
Insurance Brokers’ Monthly 31
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