T1115 - UMAL Insurance Broker

Concepts

• finance and insurance
• insurance services
• insurance brokerage and agency
• insurance brokerage
• placing insurance risks
• umal directors
• umal
• wholesale insurance broking services
• insurance needs
• adequate insurance

Location

London

Description

UMAL needs to secure the services of a UK-based insurance broker with experience, expertise and capacity to act as an intermediary between UMAL and the insurance market (i.e. insurers, reinsurers, and other risk financing institutions). The broker will be required to assist with insurance needs of UMAL which include: a. Placing Insurance risks with insurers (both local and international) b. Ensuring adequate insurance for all UMAL exposures c. Providing wholesale insurance broking services for HMSL on behalf of its Members d. Covering the entity risks of UMAL, which includes i. Office Insurance and related covers ii. Professional Indemnity iii. Directors and Officers for UMAL Directors and officers iv. Crime v. Cyber Please also note, although the estimated total value is £125M across a potential 5 year contract we would like to make the following clear The overall value includes both premium and broker fees and could be in the range of £60 - £125m across 5 years Furthermore, to give an idea of just broker fees, this could end up being around £5m to £15m across 5 years Please note all figures are purely estimates.

Renewal Options

Contract would be on a 3 year initial basis with the option to extend for 12 months and then a further 12 months

CPV Codes

• 66000000 - Financial and insurance services
• 66510000 - Insurance services
• 66518000 - Insurance brokerage and agency services
• 66518100 - Insurance brokerage services

Indicators

• Bids should cover the whole contract.
• This is a recurring contract.
• Renewals are available.
• Award on basis of price and quality.