Tuesday, 16 April 2013

Torquil Clark launches IOD Partnership

Leading IFA,Torquil Clark, has launched a partnership with the Institute of Directors to offer a range of protection based services. 

Members can access whole of market protection and critical illness covers, as well as "key-person" insurance and "relevant life insurance"; the last of which allows SMEs to provide a death-in-service benefit to employees and directors. 

The partnership also allows members to take advantage of a complimentary review of their protection, investment and pension needs, with a value of up to £1,500. 

The IOD offers a range of other partnerships including home and PI insurance with Hiscox and health plans with Westfield Health. 

Thursday, 11 April 2013

Ageas partnership with NewLaw heralds significant legal change

Ageas and NewLaw solicitors have created one of the first alternative business structures (ABS), to allow legal services to be offered to customers making non-fault personal injury claims. It follows approval from the Solicitors Regulation Authority.

The development, which is likely to be followed by a number of similar partnerships, had been widely heralded following the changes brought by the Legal Services Act and the Jackson reforms of civil litigation, which included a ban on referral fees in personal injury cases.

The new firm, Ageas Law, started trading on April 8th 2013, and has been set up as a limited liability partnership (LLP). The partnership is scheduled to run for 5 years and follows a detailed and long-term tender process managed by Ageas, involving a number of legal firms. 

The significance of this and other similar deals is important; given that referral fees have traditionally represented a huge income stream for motor insurers and brokers. It is also likely to lead to consolidation amongst specialist PI solicitors; many of which have worked for a range of insurers, brokers and claims management companies in the past. 

Tuesday, 9 April 2013

Foresters extends Lighthouse partnership

Foresters Friendly Society has extended its partnership with national IFA firm, Lighthouse Group. 

Building on an existing relationship in which Lighthouse advisors could offer Foresters' Tax Exempt Savings plans, the partnership has been extended to a full range of products including Child Savings Plans, Share ISAs, Guaranteed Savings Plans and a 50+ Life Plan. 

The significance of the partnership extends beyond the 2 organisations, given that the new products will now be available to many of Lighthouse Group's affinity partners including UNISON, Prospect and USDAW trade unions.