Trireme Insurance Group is pleased to announce that it has acquired MGB Insurance Brokers Limited (MGB). MGB will operate alongside Trireme’s existing London brokers, Oxford Insurance Brokers and James Hampden International.
Founded in 2001, and headquartered in London, MGB is a Lloyd’s broker specializing in placing professional indemnity risks for companies in the construction, consulting, accounting, insurance, and other industries.
Randall Goss, Chairman of Trireme Insurance Group, said, “MGB’s approach to its partner brokers and clients is very similar to U.S. Risk’s. They value client service and building a long-term relationship by demonstrating their expert knowledge of their market segments. We are thrilled to have them as part of our group.”
Nick Bender, Joint Managing Director of MGB, said, “Glenn Gostling and I are delighted to join the U.S. Risk family of companies. We believe their entrepreneurial culture matches up very well with ours, and we are excited to be able to both supplement our offering to current brokers and clients and to expand our client base through the U.S. Risk network of agents.”
The insurance sector has just launched their Inclusive Behaviours Pledge and we are proud to announce that Oxford Insurance Brokers have become one of the first 50 companies to sign up supporting the initiative.
The Pledge addresses all forms of potential discrimination in the workplace, whether on the grounds of age, disability, gender reassignment, marriage/civil partnerships, pregnancy/maternity, race, religion/belief, gender or sexual orientation. It sets out a clear framework of desired behaviours for leaders and their employees in the workplace, as well as in their interactions with suppliers and customers.
Spearheaded by Lloyd’s and Zurich, the initial 50 companies to sign up to the Inclusive Behaviours Pledge are made up of insurers, industry bodies and brokers, together with other organisations across the insurance sector who have joined forces to demonstrate the insurance profession’s unwavering commitment to transforming its culture.
Other founding signatories include trade bodies the British Insurance Brokers’ Association, the Association of British Insurers and the Lloyd’s Market Association, with more high-profile organisations set to sign up to the Pledge over the coming weeks.
Paul Davis, Managing Director of Oxford Insurance Brokers commented, “I’m delighted to sign this Pledge and add Oxford Insurance Brokers to the list of companies supporting inclusive behaviours and appropriate conduct in the workplace. A positive and supportive culture can ultimately only be to the benefit to both our organisation and to our clients.”
To learn more about the Pledge click here: https://www.lloyds.com/news-and-risk-insight/news/lloyds-news/2018/07/inclusive-behaviours-pledge
When the Wholesale & Specialty Insurance Association (WSIA) held its Emerging Issues & Innovation Committee recently, Oxford’s very own Steve Tunks took his place on the panel during the two day event at the Hyatt hotel in Dallas airport.
The Emerging Issues & Innovation Committee serves the WSIA membership and wholesale insurance industry across all segments of the marketplace by collaboratively identifying, evaluating, discussing and providing useful knowledge that will enable the membership to better analyse, manage and underwrite emerging issues and trends.
Through the course of the conference various topical issues were discussed, including robotics, blockchain, and the rising importance of Artificial Intelligence. Steve and Anitta Valdez of Munich Re delivered a paper on the impact crypto currency was having on the insurance world.
Speaking after the event Steve said, “Being part of the WSIA panel provides great exposure for Oxford within the Wholesale & Specialty Insurance community and allows us to have a voice within one of the most interesting discussion groups that WSIA host. This was the first committee of its kind that I have attended and I am very much looking forward to taking part in their future debates.”
To find out more about the Emerging Issues & Innovation Committee click here: WSIA Emerging Issues & Innovation Committee.
The Self-Insurance Institute of America (SIIA) recently launched their first Transcontinental Self-Insurance Symposium, held at the Lloyd’s building. SIIA members and key-note speakers from the Health and Insurance industries attended the three-day event from across the USA, the UK and wider Europe.
The political and business environments on both sides of the Atlantic have seen significant change in the past few years. This new event was organized to help self-insurance industry executives from better understand key trends and the implications for business opportunities for all entities involved with alternative risk transfer arrangements.
Adrian Mortley, Divisional Director in Oxford’s US Programs team sat on the panel for the discussions around ‘Workers’ Comp Reinsurance – The U.S.-Lloyd’s Connect.’ During the debate the panel discussed updates from the market and the latest emerging trends. On speaking at the event, Adrian said, “this event provided an excellent opportunity for us to discuss relevant industry themes with an audience that is engaged with the subject of self-insurance. The quality of presentations over the duration of the event has been exceptionally high and I am pleased to have been able to throw my own opinions into the ring.”
During the Tuesday evening Duncan Hopegood, Divisional Director, and the US Programs team hosted a joint drinks reception with Strategic Underwriters International on the roof garden of our office. Over 70 delegates, including symposium attendees and a selection of London based Underwriters attended the event, providing Oxford with an excellent opportunity to further establish itself within the industry.
When speaking about the event Duncan said, “we are proud to support SIIA and their members and being able to host events like this is just one way we can demonstrate our commitment. It’s fantastic to see so many people make the journey to London for the conference and we’re delighted with how successful our own event proved to be.”
The General Data Protection Regulation (or GDPR) is due to arrive on 25th May 2018 and represents an advancement of the existing principles within the current Data Protection Act (DPA). It is designed to protect the privacy of individuals who make their personal data available to organisations established in the EU. The GDPR will harmonise European privacy laws and govern the way organisations collect and store customer data.
What is the GDPR?
The GDPR presents a clearly defined set of requirements for organisations who process personal data and improves the rights of individuals to have a say over how their data is used. The GDPR is designed to ensure that data legislation across the EU reflects the numerous ways that data is now used. The GDPR aims to impose stronger data security restrictions upon companies that handle personal data, and to give individuals greater transparency over where and how their personal data is used.
Compliance with the GDPR not only applies to organisations located within the EU but also to those organisations located outside of the EU if they offer goods or services to, or monitor the behaviour of, EU data subjects. In addition to this, it also applies to all companies processing and holding the personal data of individuals residing in the EU, regardless of that company’s geographic location.
What types of data does this apply to?
The GDPR applies to information that can be used to identify an individual, either directly or indirectly. This includes both:
- ‘personal data’, including name, identification number, location data or online identifier, and
- ‘special categories of personal data’ (previously referred to as ‘sensitive personal data’), which now includes genetic data, and biometric data where processed to uniquely identify an individual. There will be enhanced protections over ‘special category personal data’, such as data relating to an individual’s health.
What are the GDPR principles companies need to abide by?
The main responsibilities for organisations are stated in Article 5 of the GDPR which outlines the core data protection principles. Personal data should be:
Personal data should be:
- “processed lawfully, fairly and in a transparent manner in relation to individuals;
- collected for specified, explicit and legitimate purposes and not further processed in a manner that is incompatible with those purposes; further processing for archiving purposes in the public interest, scientific or historical research purposes or statistical purposes shall not be considered to be incompatible with the initial purposes;
- adequate, relevant and limited to what is necessary in relation to the purposes for which they are processed;
- accurate and, where necessary, kept up to date; every reasonable step must be taken to ensure that personal data that are inaccurate, having regard to the purposes for which they are processed, are erased or rectified without delay;
- kept in a form which permits identification of data subjects for no longer than is necessary for the purposes for which the personal data are processed; personal data may be stored for longer periods insofar as the personal data will be processed solely for archiving purposes in the public interest, scientific or historical research purposes or statistical purposes subject to implementation of the appropriate technical and organisational measures required by the GDPR in order to safeguard the rights and freedoms of individuals; and
- processed in a manner that ensures appropriate security of the personal data, including protection against unauthorised or unlawful processing and against accidental loss, destruction or damage, using appropriate technical or organisational measures.”
There could be negative repercussions for organisations and individuals that breach the GDPR. These include fines of up to €20 million or 4% of the organisation’s group annual turnover (whichever is larger). Significant reputational damage and personal liability could also arise.
Allocation of the fines are based on the specific articles of the Regulation that the organisation has breached. Infringements of the organisation’s obligations, including data security breaches, will be subject to lower level fines, whereas infringements of an individual’s privacy rights will be subject to the higher level. In addition to fines imposed by the regulator, individuals will be able to bring about personal claims against an organisation for material and non-material damages.
What are the next steps?
With the impending deadline fast approaching, all businesses that collect or process the personal information of individuals in the EU, will need to comply with the regulation. It is essential to organise a planned, structured approach to the incoming regulation changes and that senior leadership teams within the business are engaged to ensure changes are implemented at the appropriate level.
Conduct a thorough review of the existing data collection, processing and storage methods. Update existing data retention and protection policies to ensure that procedures are in place that reflect the requirements of the GDPR, Organisations must show that they have a lawful purpose for processing personal data or have the direct consent of the individual concerned.
Oxford Insurance Brokers has already implemented a comprehensive GDPR compliance plan, to ensure that the organisation’s agreements, policies and processes are aligned to the GDPR.
You can visit the ICO website for more information on GDPR: https://ico.org.uk/for-organisations/guide-to-the-generaldata-protection-regulation-gdpr/