Citynet’s solution to current trends in the haulage market

Following the Ogden rate change in 2017, the Haulage market has seen the biggest shift in rates within the Motor Fleet sector. Haulage has been the most affected of all the trades, with claims reserving both historically and going forward increasing above and beyond all other.

For markets who have written Haulage in the past, they have either pushed their pricing models up significantly to accommodate the additional costs or pulled out all together. This is most noticeable within the composite market where the appetite to write or renew Haulage business has reduced significantly. These changes have led to London Market becoming the prominent solution for placing Haulage risks.

Graeme Flynn, Head of Motor Fleet at Citynet, shares his views. “Citynet is uniquely placed to be able to offer the most wide-ranging access to markets in London for Haulage placements which includes ‘exclusive’ access to capacity providers that our day to day competitors cannot access,” says Flynn.

These markets have varying appetites in terms of the type of Haulage risk they will retain. Some target the more distressed risks where they can achieve a higher exposure rate while others have risk management solutions that can be tailored to the Insured’s needs.

Long-Term Agreements are also available with built-in reductions agreed subject to specific targets being met as well as capped increases. This is particularly attractive in a climate where Haulage rates are going up on all risks, even those which are performing profitably for Insurers. Similarly, where a risk continues to perform badly there is the comfort of a price being offered, with many Insurers now non-inviting Haulage risks that are running poorly.

“Policies vary widely. We not only make sure your clients take out cover at the right price but ensure that they have the right product for their business needs. Our close proximity to Lloyd’s of London means that we are ideally positioned to offer extremely competitive terms with a superb response time,” says Andrew Walsh, Managing Director at Citynet.

Citynet also has access to markets that are targeting the clean running end of the Haulage market and are prepared to place their minimum exposure rates below that of their market competitors. Experts at Citynet, therefore, have the ability to place Haulage risks regardless of performance with an unrivalled number of potential carriers.

Citynet acquires Motor and Non-Motor wholesale business of Wrightsure Insurance Group

Wholesale specialist Citynet Insurance Brokers are delighted to announce the acquisition of the London Market Wholesale business of Wrightsure Insurance Group.

Lawrence Shortland, the Wholesale Director at Wrightsure, has joined Citynet along with his colleagues Richard Stiling ACII and Hugh Cleland. Both the Motor and Non-Motor Books of business have now transferred over from Wrightsure to Citynet and will be handled out of Citynet’s offices in Fenchurch Street in the City of London.

Ron Powell, Chairman of Wrightsure commented “We are pleased to have found a good home for our successful London Wholesale division and I am sure Citynet will be able to service our agents well and develop the business further. This move allows Wrightsure to focus on and develop its core business from its regional retail offices.”

Andrew Walsh, Managing Director at Citynet added: “ Wrightsure is well respected as a London market broker both for Motor and Non-Motor business. Our acquisition of their Wholesale business is an excellent move for us and further enables Citynet to reaffirm its position as a leading Lloyd’s and London market wholesale Broker”.

Citynet was established almost two decades ago and has become one of the fastest growing and most successful wholesale brokers, acting for regional agents all over the UK and Ireland. Its success has been built on the strength of its relationships with Insurers and agents as well as providing the highest level of customer service, along with the best coverage and pricing available.

Operating out of its City of London offices, Citynet employs over 80 staff and acts for some 500 agents across the UK and Ireland, and has unparalleled facilities for Property, Casualty, Motor Fleet and Professional Indemnity, as well as numerous bespoke Schemes and Binders.

Citynet Insurance Brokers get involved in the Insurance Day of Giving!

One Industry. One goal.

This year, Citynet Insurance Brokers got involved in the ‘Insurance Day of Giving’, helping those affected by Dementia. The event took place on 8^th November and is part of the Insurance United Against Dementia (IUAD) campaign that has currently the backing of more than 30 insurance firms. The campaign, which is an Alzheimer’s Society initiative, aims to raise £10 million in the next five years to support dementia research.

The funds raised will go towards Alzheimer’s Society and will help to fund their world-leading research to improve care and ultimately find a cure against this cruel disease, empowering people affected to live the lives they want.

Every employee at Citynet was committed to the cause and we are proud to say that we have raised £462.20. 

By doing all we could to support this amazing charity, we are committed to increasing awareness of what dementia is, as well as where you and your insurance colleagues can find support if you are one of the millions of people affected by dementia. 

Be part of something special!

Things to consider when purchasing business Cyber Coverage

Following the new GDPR regulations coming in place, companies are scrutinised now more than ever before. The latest cases are those of Bupa – being fined £175,000 by ICO with for systemic data protection failures (employee offered personal information on the dark web) and Tesco Bank being handed a £16.4 million fine by FCA over cyber breach that happened in 2016 (for failure to exercise due skill, care, and diligence in protecting its personal current account holders against a cyber-attack).

There is no shortage of innovative techniques attackers will utilise to breach business defences, but more often than not, we identify a human element to cyber claims, hence the importance of having proper controls and robust staff training process in place to prevent the worst from happening.

As a wholesale broker, Citynet Cyber Services can map the risks your organisation is facing and ensure these are sufficiently managed through insurance.

• Growing risks of a cyberattack- Understanding the GDPR legislation and the changing DPA (Data Protection Act) is critical for all companies.
• Cyber insurance should be bought from a broker that has expertise in cyber. The broker will need to review existing policies and find any gaps where coverage doesn’t currently exist
• A blend of insurance policies such as Professional Indemnity Insurance together with Cyber Insurance can be used to achieve a suitable level of coverage
• Ensure that the cyber insurer provides comprehensive post-breach services

Based on your business size, sectors and geographic locations it operates in, your cyber protection needs may vary. There are a few further things one can look at for when deciding on a cyber-insurance policy cover, such as:

1. Network security coverage, including hardware, software, physical and staff status – cover extends employee actions, business process outsourcing (BPO) or outsourced IT provider.
2. Data breach incident response, including attack recognition, response planning, and recovery planning – cover includes damages resulting from alleged violations of privacy laws and regulations.
3. Multimedia liability – in other words, infringement of domain name, copyright, trade names, logo, and service mark on internet or intranet site.
4. Laptop insurance
5. Cyber business interruption coverage – includes lost revenue as a result of a cyber-breach.
6. Coverage for cyber extortion and terrorism – cover includes credible threat to introduce malicious code; pharm and phish customer systems; or to corrupt, damage or destroy systems.
7. Litigation and enforcement proceedings, not including governmental fines
8. Loss in association with 3rd party systems
9. Lost/stolen data and digital asset
10. Crisis management and PR – cover to restore your reputation as a result of a data breach
11. Forensics
12. Ransomware – a form of malware that locks victims out of being able to access their data until a ransom is paid

“The accelerated pace of today’s digital transformation, business interruption and data breach will continue to be significant drivers of loss at present and into the future.  Methods used by cyber criminals are becoming more sophisticated, whether it is a small business or a larger corporation, cyber liability insurance will help you keep on top of the threats as well as lessening the damage of the breach,” added Rebecca Johnston – Professional Indemnity Broker at Citynet.

Citynet exhibited at #BrokerExpo Coventry

We are delighted to announce that Citynet Insurance Brokers have exhibited at the #Brokerexpo Coventry on November 1st, 2018 at the Ricoh Arena.

The #Brokerexpo Coventry is the leading knowledge and exchange platform dedicated to UK insurance brokers. Each year, this event brings together over 120 exhibitors keen to renew existing and build new relationships as well as over 1000 brokers coming through the doors looking for fresh ideas for sourcing new market opportunities and industry partnerships.

Acting purely as a wholesale insurance broker, Citynet has established itself as a London Market Specialist in the placement of Liability, Property, Professional Indemnity, Terrorism, Cyber, Motor and various associated classes.  We also specialise in the placement of binding authorities for other insurance intermediaries.

So, if you are looking for a wholesale broker that has great insight and knowledge of its markets and is willing to share that with you and deliver on their promises,  look no further! Citynet will be proud to be Your Trusted Partner!

Many thanks to each and every person that have visited our stand.

The winners of our fantastic three prizes are:

• First prize: An Amazon Echo Smart Speaker with Alexa (2nd gen) goes to Anthony Hughes at Henshalls Insurance Brokers
• Second prize: A Laurent Perrier bottle of champagne goes to Tony Donnelly at Coversure Insurance Brokers (Cotteridge)
• Third prize: Two bottles of wine go to Ian White at Century Underwriting

Many congratulations from us all at Citynet Insurance Brokers!