BVCA Launches BVCA Insurance Services (BVCA IS)
The British Private Equity and Venture Capital Association (BVCA) has today launched BVCA Insurance Services (www.bvcainsurance.com) to help members and their investee companies with their insurance needs.
Authorised and regulated by the Financial Services Authority as an Adviser and Arranger of insurance, BVCA Insurance Services (BVCA IS) will bring increased insurance purchasing effectiveness, introduce bespoke products and act as an independent information source to BVCA members and their approximately 6,000 investee companies whose spend on insurance is estimated to be in excess of £1bn per annum.
Chairman of the BVCA, Hugh Lenon, said: "The launch of BVCA Insurance Services represents a significant development and is illustrative of our commitment to provide new and valuable services to our members whenever we can".
BVCA IS is headed by Nathan Sewell who has over 20 years insurance experience, having worked for a number of major brokers and insurers in a variety of roles. He has specialised in servicing the risk and insurance needs of the private equity community for the majority of that time.
BVCA IS has agreed partnerships with a number of insurers who are willing to offer preferential premiums and other benefits to BVCA Members and investee companies.
Nathan Sewell, CEO of BVCA IS, said: "We are delighted to announce the partnerships with Chartis, QBE and Dual Corporate Risks. These high quality insurers have demonstrated their commitment to servicing our Members and investee companies in offering both highly competitive premiums and first class service."
Dawn Miller, Vice President - Financial Institutions at Chartis said,"We're delighted to be partnering the BVCA on this initiative. We're convinced that our industry-leading product range which includes leadership positions in Financial Lines, Property, Liabilities and our strong position in other speciality product areas, such as Trade Credit and Environmental, will greatly benefit BVCA members. "Private equity and venture capital perform, without doubt, vital roles in the UK economy. Consequently we look forward to long and successful relationship with the BVCA."
Ash Bathia, Managing Director at QBE, commented: "QBE are delighted to be a launch Insurer Partner with BVCA Insurance Services. QBE's underwriting-driven model, together with a strategy of diversification by product and geographical exposure fits well with the investee companies of the BVCA's Members."
Russell Kilpatrick, Executive Chairman at Dual, remarked: "Dual Corporate Risks continues to set the benchmark for professionalism, service and innovation. We look forward to working with BVCA Insurance Services to deliver the highest levels of service to investee companies of the BVCA Members."
Major insurance brokers have been supportive of the BVCA Insurance Services initiative and are in favour of the prospect of accessing additional benefits for their clients. It should be noted that the benefits negotiated by BVCA IS can be accessed by the majority of regional, national and international brokers. BVCA IS enhances existing purchasing channels and does not replicate or seek to replace the role of brokers or insurer.
One of the first specific initiatives is the launch of an industry-wide Directors' and Officers' Liability Insurance facility for investee companies that can be delivered through existing broker channels. The facility will combine high quality coverage, an efficient underwriting process and competitive pricing, whilst at the same time dealing with members' objectives to achieve consistency of D&O coverage at investee company level. Other insurance classes such as Key Man and Trade Credit have been identified by BVCA IS as areas of interest to Members and the plan is to launch further schemes and facilities in these areas.
BVCA IS has developed a number of tools to enhance the insurance purchasing process for Members and investee companies. These tools can be accessed via www.bvcainsurance.com and will include The BVCA Guide to Insurance, sponsored by Lockton, which will provide commentary on topical issues and technical information on a class by class basis.
As a demonstration of commitment to the venture, the BVCA has appointed David Young as Non-Executive Chairman of BVCA IS. David combines his experience as a Non-Executive Director in the insurance sector with strong ties to the private equity industry. He is currently Non-Executive Chairman of Annuity Direct, and senior independent Director of British Gas Insurance and British Gas Services and of Partnership Assurance, which is backed by the private equity group Cinven. Earlier in his career David was Chief Executive of listed insurance broking group, Bradstock.
FOR FURTHER INFORMATION PLEASE CONTACT
For press enquiries:
Tom Allchorne: tallchorne@bvca.co.uk
Direct: +44 (0)20 7420 1807
For all other enquiries:
Nathan Sewell: nsewell@bvca.co.uk
Direct: +44 (0)20 7420 1851
Mobile:+44 (0)7801 925 692
Jason Edwards: jedwards@bvca.co.uk
Direct: +44 (0)20 7420 1860
Mobile: +44 (0)7867 782 248
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