Category Archives: Insurance

Environment, Insurance

Secure Your Future: Environmental Liability Insurance Explained

Environmental risks are becoming more prominent in today’s business landscape. Companies are increasingly held accountable for their impact on the environment, and the penalties for non-compliance can be severe. This is where environmental liability insurance comes in. It’s designed to protect businesses from the financial consequences of environmental incidents, providing a safety net in a world where one misstep could lead to costly fines, legal battles, and reputational damage.

As environmental regulations tighten and public awareness grows, businesses need this type of insurance to ensure they can navigate these challenges without risking their future. For expert guidance on the Future of Environmental Liability Insurance, turn to Rowlands & Hames. They offer tailored advice to help businesses manage environmental risks and find the right insurance coverage, providing a guiding hand in this complex landscape.

Defining Environmental Liability Insurance

Environmental liability insurance is not just for industries working with chemicals and industrial processes. Any business can face environmental liabilities, making this insurance a necessity for all. It covers risks like pollution, contamination, and hazardous waste, mitigating these risks and providing a financial safety net. By having this coverage, businesses can operate with greater confidence, knowing they’re protected against unexpected environmental issues.

Why Environmental Liability Insurance Matters

Environmental liability insurance is not just a luxury. It’s a necessity. Environmental incidents can be not only costly but also damaging to a business’s reputation. Legal penalties can reach millions, and cleanup costs can be even higher. Without this insurance, businesses might struggle to recover. Environmental liability insurance helps cover these expenses, protecting businesses from financial disaster and preserving their reputation.

It also supports a company’s reputation; being seen as environmentally irresponsible can drive away customers, investors, and business partners. The right insurance shows a commitment to environmental responsibility, which is vital in today’s market. To stay relevant in the Future of Environmental Liability Insurance, businesses must maintain comprehensive coverage and adapt to changing regulations, ensuring they are well-informed and prepared.

Types of Environmental Liability Insurance

There are several types of environmental liability insurance, each catering to different business needs. Site-specific coverage focuses on specific locations, protecting environmental risks associated with that site. This type of insurance is ideal for businesses with manufacturing facilities, warehouses, or other fixed locations.

A contractor’s pollution liability is designed for contractors and builders who work on various sites, offering coverage for possible pollution risks during their work. Environmental impairment liability, or EIL insurance, covers a broader range of environmental hazards, including those caused by historical contamination. Understanding these types helps businesses choose the right policy for their unique risks.

Key Features of Environmental Liability Insurance Policies

When selecting an environmental liability insurance policy, key features include coverage limits, which determine how much the insurer will pay in the event of a claim. Pay attention to policy exclusions, as some policies may not cover risks like pre-existing contamination or deliberate environmental violations.

The claims process should be clear and efficient, minimizing delays. Customizable policies are valuable because they can be tailored to your business’s needs. Flexibility in terms and conditions is also a plus, allowing businesses to adjust coverage as operations evolve.

Assessing Your Business’s Environmental Risks

Assessing environmental risks within a business is a critical step in choosing the right insurance policy. Start by identifying common sources of environmental liability. This could include waste disposal practices, chemical handling, industrial processes, and transportation. Consider the potential for environmental damage at your business’s locations or during its operations. Examining any historical contamination affecting your business’s current or future liabilities is also important.

Conducting a thorough risk assessment helps businesses understand where they are most vulnerable and informs their choice of insurance coverage. By understanding these risks, you can select a policy that provides adequate protection.

Choosing a Reliable Environmental Liability Insurance Provider

To get the best environmental liability coverage, choose a reputable insurance provider. Seek one with a solid track record in handling environmental claims. Industry expertise is crucial—providers with experience in your sector are more likely to understand your risks and offer tailored coverage. You’ll want a provider that is responsive and easy to work with.

Reading reviews and asking for recommendations from other businesses can help. A reliable provider offers comprehensive coverage and guides you on risk management and claims processing. For expert advice and personalized service, consider Rowlands & Hames.

Understanding Policy Exclusions in Environmental Liability Insurance

Every insurance policy has exclusions, and environmental liability insurance is no exception. Common exclusions include pre-existing contamination, criminal negligence, and deliberate environmental violations. Some policies might not cover certain types of pollution or may require additional endorsements for specific risks.

Understanding these exclusions is crucial to avoid surprises when filing a claim. To ensure comprehensive coverage, discuss any uncertainties with your insurance provider. You might need additional endorsements to cover specific risks. By knowing your policy’s exclusions, you can make informed decisions and ensure your business has the right protection. For expert guidance on navigating policy exclusions, consult with Rowlands & Hames.

Conclusion

Environmental liability insurance is a key part of a solid risk management strategy. It shields businesses from the financial impacts of environmental incidents, allowing them to operate confidently. Businesses can secure their future and be ready for any environmental risks by choosing the right policy and provider. It’s essential to assess your business’s unique risks, explore policy options, and invest in adequate coverage.

With this insurance, you can focus on growing your business without worrying about unexpected incidents. For expert advice and customized insurance solutions, consider Rowlands & Hames. Visit the website for more information and contact their team.

 

Fintech, Insurance, Insurance Tech, News, Technology

New Norfolk FinTech cluster revealed as one of UK’s most significant InsurTech centres, outside of London

Report predicts emerging FinTech cluster could be worth £100M within three years.

  • Norfolk is home to the highest proportion of InsurTech firms in England, outside London, and also has the most concentrated insurance workforce outside the capital. 
  • Financial services in Norwich contributes more than 20% of the city’s GVA, amounting to more than £1bn.
  • Norfolk performs strongly for female-led FinTech businesses, with 1 in 5 firms having a female founder, higher than other regions in England.

A FinTech report* released last week has revealed one of the UK’s most flourishing InsurTech hubs outside London.

The Norfolk FinTech Report 2024 – commissioned by Tech East and independently produced by Whitecap Consulting – forecasts Norfolk’s FinTech sector could be worth £100M by 2027, with the number of FinTech firms doubling within the next three years and forecast to create more than 600 new roles in the region.

The new study comes at a time when the region is exhibiting enhanced performance in terms of innovation and economic growth. Between 2010 and 2021, Norwich – the largest city in Norfolk – recorded the highest growth in real output per hour of all UK cities (2.3%) and also ranked 11th in the list of cities in the UK for the number of ‘new economy’ firms per 10,000 people in the workforce (28.8)**.

The report also highlights that Norwich boasts the most concentrated insurance workforce after London – a sector employing over 7,500 people – and houses a financial services industry that generates over £1bn, which is more than 20% of the city’s GVA and is home to the highest proportion of InsurTech firms of any English region, after London.

Norfolk is currently home to 24 FinTech firms who collectively have raised a total of £49m in investment, and are part of a wider East of England cluster estimated at over 80 FinTech firms. The Norfolk FinTech ecosystem also includes organisations across financial services firms and technology providers to the financial sector, an extensive support ecosystem of specialist businesses across professional and business services, funding, education and the public sector, which contribute to the regional FinTech economy and ensure FinTechs have expertise on their doorstep. The region’s financial, professional and business services sector is represented by FIG (Financial Industry Group), which has been actively engaged in the project to develop the report.

Despite the relatively small geographic size of Norfolk in comparison to some of its bigger counterparts, the FinTech sector in the region indicates that it is performing higher than average on other key notable points, such as sustainability, and diversity.

Norfolk was highlighted as having a high proportion of female FinTech founders (17%), which although in line with the national average of 16%, is higher than any other FinTech region in England, outside London.

 

The report also highlights a new wider analysis of the Norfolk economy by mnAi, which identifies 342 SMEs with relevance to FinTech, with net assets of just over £250m. 51% of this sector is estimated to be operating with ultra-low emissions, compared to the UK average of 38%.

Finally, the report sheds light on an increasing amount of support available to the FinTech sector in the region, referencing the inaugural Norwich FinTech Hackathon held in March 2024, hosted by Aviva and City College Norwich, and the University of East Anglia’s (UEA) FinTech Lab and post-graduate FinTech masters degree currently in development.

 

Ben Luckett, Managing Director, Venture Capital at Aviva, says this anticipated growth underscores the immense potential inherent in Norwich’s FinTech ecosystem: “With a robust support ecosystem and close proximity to primary investor hubs such as London and Cambridge, it’s clear that Norwich offers a fantastic environment for burgeoning InsurTech ventures. Couple this with a vibrant academic community and access to great early-stage career support including apprenticeship schemes in areas such as software development and data analysis, and you have a growing pipeline of skilled professionals and innovative thinkers ready and waiting to help Norwich join the likes of established clusters like Cambridge.”

 

Lisa Perkins, Chair of Tech East, added: “The findings of the report are very positive.  Despite challenges with access to funding and relatively small financial investment, the Norfolk FinTech ecosystem is flourishing and this new report highlights some immense potential.  The region is already a leading InsurTech hub, also distinguishing itself in sustainability and diversity within the FinTech realm and there has been a lot of appetite and support to ensure this growth continues. However, to truly unlock this potential and pave the way for sustained growth and innovation in the region, we must build new relationships and partnerships that expand the investment options for innovative new businesses, while also looking to foster a collaborative ecosystem that supports both established players and emerging startups alike.”

 

Julian Wells, Director and FinTech Lead at Whitecap Consulting, said: “Throughout this project we have experienced the collective desire of a wide range of stakeholders across the region to work together to develop the FinTech sector. Norfolk is the 10th region of the UK that Whitecap has analysed in this way over recent years, and what we have found in this region is an emerging and distinctive FinTech ecosystem.

He added: “Whilst the region is smaller than others we have reviewed, the strength in InsurTech comes through very strongly in our findings, and for the first time in any of our reports this is found to be the most prominent FinTech sub-sector. It is also the first time that payments have not been the leading sub-sector in a region. The proportion of female FinTech founders is the highest we have observed to date, giving Norfolk a crown that every region would crave. There is strong potential for economic growth through the FinTech sector in the region, and collaboration on a regional and national level can help drive this.”

—

About Tech East: Tech East is a rapidly growing network of ambitious digital technology businesses, serving as the voice of tech in the East of England. With a mission to champion, connect, and catalyse digital innovation, Tech East is dedicated to propelling the region into a leading hub for technology and entrepreneurship. Founded in 2016, Tech East has rapidly emerged as one of the Top 5 UK tech clusters, showcasing the region’s potential and prowess in the digital landscape. Committed to accelerating the growth and amplifying the success of the digital tech economy in the East of England, Tech East continues to spearhead initiatives that drive innovation, collaboration, and sustainable economic development.

 

About mnAi:

mnAI is a data and analytics platform that provides meaningful insight for quickly targeting, researching and performing due-diligence on all UK companies. mnAi specialises in providing hard-to-find data on UK private companies. With 340 different data fields, historical information is complemented by cutting-edge technology to create unique and proprietary data available through API, platform and visualisations.

www.mnAi.tech

 

*the Norfolk FinTech Report 2024: Tech East, Norfolk County Council, Aviva, Connected Innovation, FIG (Financial Industry Group), mnAi

**Cities Outlook 2024

Business, Business Expansion, Cardiff, Cardiff News, Insurance, Investment

New Cardiff office for insurance group Howden

Howden, the global insurance intermediary group, has announced the opening of a new office in Cardiff, to support businesses with tailored insurance solutions.

Located at Regus House, Malthouse Avenue, in Cardiff Gate Business Park, the new office will build on the success of the recently inaugurated office in Swansea last month and Howden’s acquisition of Watkin Davies in 2020. The addition of a new Cardiff office underscores Howden’s dedication to becoming a prominent force in the commercial broking sector in South and West Wales. The expansion will be spearheaded by Gary Stevens, Regional Managing Director, who has outlined ambitious plans to position Howden as the foremost competitor in the region.

Gary expressed his enthusiasm for the expansion, stating: “I am very pleased to lead the opening of yet another office in Wales. An office in Cardiff was the natural choice for our expansion, and we are confident that by increasing our presence in South Wales by growing our team of advisors to 20+ enabling us to continuing to provide exceptional services to our clients.”

Under Gary’s leadership, the new Cardiff office is set to accommodate a team of six highly skilled brokers, who will work to uphold Howden’s commitment to excellence in risk advisory services, with more brokers set to join in the coming months. The team will play a pivotal role in driving the growth of Howden’s UK Corporate & Commercial pillar throughout 2024.

Gary added: “We’ve already made great headway in attracting a team of highly skilled brokers, and we anticipate significant growth throughout 2024. Our new Cardiff office, working closely with our Swansea operation, will play a key role in cementing our position as a leader in the South and West Wales commercial broking sector.

“We are very excited about our South Wales presence, and also becoming a Principal Partner of The British & Irish Lions for their forthcoming tour of Australia in 2025.”

Appointments, Insurance

Howden grows Welsh team with key appointments

Howden, the global insurance intermediary group, has welcomed two new appointments to its recently established Swansea team.

Alan Jenkins joins as an Account Executive and will be responsible for delivering insurance solutions to businesses within the commercial sector, specifically those in the transportation and construction trades.

Alan joins with over 40 years’ experience in the industry, with a focus on commercial insurance. He joined the firm from Enterprise Insurance Services (Swansea).

On his appointment, Alan said: “I’m thrilled to have joined the Howden team in Swansea – it’s so exciting to be part of a new office and it’s a great challenge. I’m looking forward to managing client accounts and providing the best possible service within a great team.”

Howden has also welcomed Lucy Jamieson as Commercial Insurance Executive.

Lucy has joined the firm following 13 years at NFU Mutual and will focus on supporting hospitality, manufacturing, technology and construction firms with their commercial insurance needs.

Lucy said: “I’m delighted to join Howden at such a pivotal moment of growth and innovation. My enthusiasm for supporting companies through transformative growth journeys aligns perfectly with Howden’s commitment to provide tailored insurance solutions that empower businesses to thrive. I’m eager to make a significant impact as we embark on this exciting chapter, and I look forward to the collective achievements that lie ahead.”

Gary Stevens, Regional Managing Director, added: “As we continue to grow our presence in South and West Wales, having a great team is of paramount importance. Alan and Lucy are a great addition to the team in Swansea; with over 50 years’ experience between them, they are sure to be an asset to our ever-growing client base. We are excited to have them on board as we expand our operations in the new Swansea office.”

About Howden

Howden is a leading global insurance intermediary group with employee ownership at its heart.  Founded in 1994, it operates in 50 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employing 16,000 people and handling $38bn of premium on behalf of clients.

 

For more information, please visit www.howdengroupholdings.com

Insurance, News, Travel

battleface partners with eurochange to offer travel insurance

Trailblazing international insurance provider, battleface, has announced a partnership with eurochange to create a visionary new offering: eurochange Travel Insurance.

Available now, leading foreign exchange specialist eurochange will offer a comprehensive travel insurance product for UK customers, powered by battleface.

The new insurance offering includes Single Trip and Annual Multi-Trip options. Benefits are designed to suit a range of leisure trips from skiing in the French Alps to on a culinary adventure in Osaka. Key policy features include:

  • Cover for baggage, money and passport loss.
  • Trip cancellation, interruption and delay.
  • Personal liability and legal expenses.
  • UK pet boarding fees.
  • Emergency medical expenses and assistance 24-hours a day from Robin Assist.

Charles Stewart, managing director at eurochange, said: “We are very excited to launch eurochange Travel Insurance (Powered by battleface), diversifying our services to include even more travel essentials.

He added: “As one of the UK’s leading foreign exchange experts, we understand customers want a seamless, great value experience when preparing for their trips.

“That’s why battleface, and its claims and assistance arm Robin Assist, is the ideal partner for eurochange in creating a flexible insurance product supported by a simple and efficient claims experience. Together, we’re committed to enhancing the travel experience for our customers, bringing accessible services and peace of mind every step of the way.”

As well as a comprehensive package of standard features, eurochange Travel Insurance can be customised with optional upgrades, such as winter sports and business travel, allowing customers to tailor a policy to their own needs.

Sophie Goodchild, managing director at battleface, said: “We’re excited to introduce the ultimate travel companion with eurochange: simple and flexible travel insurance alongside your foreign currency purchase. This innovative offering ensures you’re not only financially prepared for your trip but also safeguarded against unforeseen events.”

eurochange Travel Insurance (Powered by battleface) policies available now at: www.eurochange.co.uk.

Policy Terms, Conditions, Exclusions and Limitations apply.

Cardiff, Insurance, South Wales

Cardiff Capital Region London event showcases South Wales investment opportunities

INVESTMENT opportunities in South Wales were the focus of a London event (Monday February 26) which promoted the benefits of co-investment with the Cardiff Capital Region (CCR).

The ‘Investing in the Cardiff Capital Region’ event, part of the annual Wales Week London programme, aimed to develop the dialogue with the investment community in Wales, London, and beyond, exploring opportunities around co-investment with the CCR’s portfolio of funds such as the Innovation Investment Capital and Strategic Premises Fund, and also the soon-to-be launched Northern Valleys Initiative.

More than 85 attendees including investors and developers, heard about the competitive advantages in the Region, its cluster strategy, the creation of the new Investment Zone, and the major redevelopment of the former Aberthaw Power Station site.

The event was hosted by Baroness Wilcox of Newport, and CCR director Kellie Beirne facilitated discussions between an expert panel comprising Wales Office Minister Fay Jones MP; Lucy Cohen of Mazuma, which recently received capital funding from the CCR’s Innovation Investment Capital to help boost its operations; Michael Magee, a Partner at PwC; and George Richards, senior director at CBRE.

Councillor Mary Ann Brocklesby, Leader of Monmouthshire County Council and Portfolio Lead of Research and Innovation, also spoke about the importance of sustainable growth allied to innovation.

Cllr Brocklesby said: “South Wales offers so many exciting investment opportunities, and the Cardiff Capital Region is an enabler and collaborator that can help make these happen.

“We encourage investors and developers from Wales, the UK, and beyond, to talk to us about how we can work together to bring out economic and social benefits in the region.”

Wales Office Minister Fay Jones said: “The CCR has consistently been a catalyst for investment and innovation across South Wales. This event highlighted the breadth of investment opportunities that the Cardiff Capital Region provides, showing why the UK Government is proud to support its on-going work and invest in its future.”

Lucy Cohen is the co-founder and CEO of Bridgend-based online accountancy firm Mazuma, which recently received a multi-million pound investment from the Innovation Investment Capital (IIC), funded by CCR.

She spoke about what the investment meant for her firm, which is one of the leading providers of accountancy services for micro businesses in the UK, and differentiates its business through a subscription model that allows subscribers to choose from a range of accountancy packages, and benefit from its proprietary technology through MazApp®.

Lucy said: “With the addition of this new investment from IIC Mazuma will accelerate the development of its new accountancy technology solutions, expand the marketing and sales teams in Bridgend, and invest in the firm’s infrastructure and operations to support growth.

“The CCR shares our goals and vision. We can now accelerate the development of our proprietary technology, and leverage our position to pursue long-term strategic goals.”

The Mazuma investment is IIC’s second investment, with the first in being AMPLYFI, the Cardiff-based disruptive generative artificial intelligence business. To date, the fund has received more than 160 applications for funding from potential investee companies across South Wales.

Launched in November 2022 and backed by UK Government funds with an initial £50 million from CCR, the fund is looking to invest long-term capital in sustainable growth opportunities across the ten unitary authorities that comprise the CCR. Its General Partner is Capricorn Fund Managers (CFM), which is responsible for managing the fund and the overall portfolio and risk management, with PwC supporting CFM in advisory matters, including investment research and sourcing.

The ‘Investing in the Cardiff Capital Region’ event was held as part of the Wales Week in London programme which aims to highlight and showcase opportunities in the country.

Disclaimer

Capricorn Fund Managers Limited (Capricorn) is the alternative investment fund manager (AIFM) for Innovation Investment Capital (IIC) and is authorised and regulated by the Financial Conduct Authority (FRN 505252).

PricewaterhouseCoopers LLP (PwC) is authorised and regulated by the Financial Conduct Authority (FRN 221411). It is able to offer a limited range of investment services to clients (if they are an incidental part of PwC’s professional services) as it is a member of a relevant Designated Professional Body. PwC is acting on behalf of Capricorn for the provision of advisory and operational services in support of the IIC.

Any information provided by PwC in relation to the IIC is for general guidance only and does not constitute professional advice. You should not act upon any such information without obtaining professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of such information, and, to the extent permitted by law, PwC, Capricorn and The County Council of the City and County of Cardiff on behalf of Cardiff Capital Region (“CCR”) and their respective members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on such information or for any decision based on it.

Please note that data collected for the purpose of your investment proposal to IIC will be shared with Capricorn in their role as alternative investment fund manager (AIFM) for IIC.

© 2024 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

Appointments, Business News, Insurance

Howden strengthens commercial team with new appointments

Howden, the international insurance group, has welcomed two new appointments, Dean Barker and Ross Power, to its South and West Wales region.

Dean Barker joins the firm as Account Executive and will be responsible for delivering insurance solutions to businesses operating across the commercial sector.

Dean joins with almost 20 years’ experience in the insurance industry, previously working for regional and national brokers such as Jelf and Towergate. Dean specialises in supporting clients in the construction, manufacturing and retail industries.

Dean said: “I’m thrilled to have joined the Howden team in Wales and feel as though I’ve really hit the ground running.

“Engaging with and providing dedicated assistance to our clients is a true passion of mine, and Howden’s commitment to a client-centric approach really resonates with me.

“I was also impressed by how active the firm is within the local community, and this is something I’m really looking forward to getting involved in.”

Howden has also welcomed Ross Power to its South and West Wales region as Commercial Account Handler.

Ross, from Swansea, is responsible for assisting the company’s Account Executives in building new business and attracting new clients, as well as working closely with clients on their day-to-day needs.

Ross will draw upon his extensive experience within the insurance industry in South Wales specifically, having worked for a number of brokers in the area, most recently for Douglas Insurance.

Ross said: “I am thrilled to be part of Howden’s dynamic team in South and West Wales. Working closely with our clients to address their day-to-day needs and contribute to the growth of the business is a challenge I am eager to embrace. Howden’s reputation for excellence in the insurance industry drew me in, and I am excited about the opportunity to make a positive impact in the region, building on my experience in the South Wales insurance market.”

These appointments coincide with the opening of a new office in Swansea, as part of Howden UK & Ireland’s commitment to further strengthen its foothold in the South and West Wales region, providing risk advisory services to businesses.

Dean and Ross will sit under the leadership of Gary Stevens, Regional Managing Director, previously of Aston Lark, which was acquired by the Howden Group in 2022.

Gary said: “Welcoming Dean and Ross to our team is a significant step in reinforcing our presence in South and West Wales. Their wealth of experience and dedication to client satisfaction aligns seamlessly with Howden’s values. As Regional Managing Director, I am confident that their contributions will play a key role in our continued success in the region. We are excited to have them on board as we expand our operations with our new Swansea office.”

Business Advice, Insurance, Storage

Businesses Helping People Navigate Modern Challenges

In today’s fast-paced world, businesses and individuals face a myriad of challenges and opportunities. From the complexities of navigating insurance in the technology sector, to the convenience of modern storage solutions, and the dynamic world of student employment and side hustles, each aspect plays a crucial role in our daily lives.

Insurance in the Technology Sector

The technology sector, known for its rapid innovation and growth, also faces unique risks and challenges. Insurance in this sector is not just a safety net but a necessity for sustainability and growth. It covers a range of aspects from data breach liabilities to intellectual property rights, ensuring that tech companies can operate in a rapidly evolving digital landscape. This kind of insurance supports companies in mitigating risks associated with cyber security, intellectual property theft, and other tech-specific liabilities.

Simplifying Life with Storage Solutions

In an era where space is at a premium, storage solutions have become increasingly important. Whether it’s for personal use or for businesses managing inventory, the right storage solution can significantly simplify life. Modern storage companies are now offering more than just space; they provide convenience, security, and flexibility. This can range from climate-controlled units for sensitive items to scalable options for growing businesses. These solutions are especially beneficial for urban dwellers, students, or businesses that need to optimise their space without compromising on accessibility and safety.

Empowering Students with Job Opportunities

The landscape of student employment has dramatically transformed in recent years. Today’s students are not just looking for part-time jobs; they’re exploring side hustles and gigs that align with their career aspirations or personal interests. This shift has led to a rise in platforms and services that provide students with flexible, diverse job opportunities. From freelancing in digital fields to participating in market research, students now have access to a variety of avenues to earn, learn, and grow. These opportunities not only help them financially but also equip them with real-world skills and experiences, preparing them for their future careers.

Conclusion

The synergy of advanced insurance solutions for the tech sector, innovative storage options, and dynamic job opportunities for students reflects the evolving nature of our society and economy. Each of these aspects plays a pivotal role in navigating the challenges of the modern world, offering practical solutions and opening new doors for growth and development. As we continue to advance, these sectors will likely continue to evolve, highlighting the importance of adaptability and innovation in our everyday lives.

 

Business News, Insurance, Wales, Wales News

Insurance group Howden expands presence in Wales with new Swansea office

Howden, the international insurance group, has announced the opening of a new office in Swansea.

This strategic expansion is part of Howden UK & Ireland’s commitment to further strengthen its foothold in the South and West Wales region, providing risk advisory services to businesses.

The new office is located at Axis Court, Riverside Business Park, Swansea. Under the leadership of Gary Stevens, Regional Managing Director, who has over four decades of industry experience, the Swansea office aims to become the leading competitor in the commercial broking sector in South and West Wales.

Stevens, previously of Aston Lark, which was acquired by the Howden Group in 2022, has outlined ambitious goals for the office, including doubling the size of the team by the beginning of 2025, reflecting the company’s dedication to employing the best talent and fostering a dynamic team culture.

“I am thrilled to lead the team in Swansea as we work towards becoming the primary choice for risk advisory services in South and West Wales,” said Gary Stevens.

“Howden continues to be a driving force in the insurance industry and our goal is not just to be a significant player within Howden, but also to be the go-to partner for Welsh-based companies seeking high-quality risk advice.”

The investment in the Swansea office underscores the importance of South Wales to Howden UK & Ireland’s overall business strategy, with a second office in the region set to open this spring.

Stevens also emphasises the importance of having a collaborative and enjoyable work environment, stating: “We aim to have fun while delivering exceptional service to our clients. We’re building a team of highly skilled brokers with expertise in various sectors, including transportation, construction, charity, care, professions, sports and leisure, and waste/recycling.”

In July 2023, it was announced that Howden would become a Principal Partner of The British & Irish Lions for the next four years and the official front of jersey sponsor for the upcoming 2025 Lions Tour to Australia. This partnership support extends to a community level via the Lions Origin Clubs, with the Wales office supporting local teams across the region.

About Howden:

Howden is the 5th largest employee-owned business in the UK, and one of the largest insurance groups in the world, with $35bn premium under management and 1.7 million clients served by 15,000 employees.

Howden is made up of talented experts with the freedom and support to do what we do best. We are united by a shared passion and no-limits mindset, and we collaborate to create a powerful international team that can rise to any challenge. Together, we are working to change the insurance narrative – supporting our clients while using insurance as a tool to increase resilience for individuals, businesses, and communities. www.howdenbroking.com

Finance and Banking, Insurance, News

Poor health and lifestyle can be good news if you’re buying an annuity, says Punter Southall Aspire

Poor health and lifestyle can be good news if you’re buying an annuity, says Punter Southall Aspire

 

Poor health and questionable lifestyle choices offer few advantages, except when it comes to buying an annuity.

New research[i] has revealed that a quarter of over 50’s wrongly believe annuities offer the best rates only if you’re in great shape.

Just one in five know the opposite to be true: that if you have conditions considered to be life-shortening, annuities are generally more generous.

 

Steve Butler, CEO at Punter Southall Aspire, says, “Annuities work in a different way to how you might expect. Bluntly, poor health and lifestyle almost always add up to a shorter lifespan.

“What are known as enhanced annuities reflect this, giving you more money that can be a welcome boost in retirement. It’s a sensitive subject but, at the same time, a financial reality which you need to know about, especially as annuity rates are at their highest in the last two decades[ii].

 

According to Which? enhanced annuity rates were between 7% and 15% higher for an overweight smoker with high blood pressure and cholesterol, based on an annuity quote in November 2022[iii].

Which? also points out that someone with type 2 diabetes could see their income boosted by 30%.

 

Steve added: “Knowing every rate on offer is essential, healthy or not, as the difference in income can vary significantly. Pension Potential provides an independent overview of every deal and takes into account health and lifestyle.”

 

Pension Potential is free to employers and free for employees to use. It also shows drawdown, cash and hybrid pension options clearly and simply.

[i] https://corporate-adviser.com/quarter-of-over-50s-misunderstand-annuity-rates-for-healthy-individuals/

[ii] https://moneyweek.com/personal-finance/pensions/605406/buy-an-annuity

[iii] https://www.which.co.uk/money/pensions-and-retirement/options-for-cashing-in-your-pensions/annuities/enhanced-annuities-apx5w1a9utwQ