The TEn Insurance Broker Network News

A Fanfare for 70

2011-12-16T13:34:41Z

TEn Insurance Services is pleased to announce that it's network membership has now reached 70, up 20 since the begininning of 2011.

Comments TEn director James Sharp, "Although we started the year with 50 members, during these difficult economic times we have seen about 10% of that original number fall by the wayside during the course of the year, typically to seek employment again. I fear that 2012 will not prove any kinder to some, but for others, the impetus to go it alone and opportunities to succeed are still there.

Consequently, we have actually added 25 and reached our target of 70 brokers just in time for Christmas. Phew!"

65 - and counting

2011-09-12T10:36:31Z

TEn Insurance Services is pleased to announce that it's network membership is now passing 65, up 15 so far since the beginning of the year.

Comments TEn director James Sharp, "We reached 50 members back in early 2009. During the rest of 2009 and 2010 the recession forced a number of earlier start-ups to seek employment once again, meanwhile a handful of others grew beyond our AR model to become directly authorised brokers. Consequently, the overall membership number did not grow at all throughout the period, although a steady number of new brokers continued to join during this time.

By way of a contrast and right from the outset, 2011 has seen a marked surge in interest and signings, whilst the departures - for whatever reason - have subsided to a handful. This trend makes us completely confident that we shall reach our target of 70 members by the end of the year."

Amongst the recent recruits to the TEn network are three new brokers in Scotland, which doubles the company's precence north of the border.

CII & BIBA

2011-04-18T15:21:54Z

TEn Insurance Services is pleased to announce that it has both signed the Aldermanbury Declaration in support of professional standards within the insurance broking industry and joined BIBA on behalf of all of its network members.

Whilst TEn has always been a member of the IIB, the addition of BIBA membership reflects its support for both trade associations in their struggle to gain a 'fair deal' for brokers in respect of FSCS compensation scheme levies. It is also indicative of the growing maturity of the TEn network and its member brokers.

Comments TEn director James Sharp, "Although we are primarily known as the network for start-up brokers, the reality is that the majority are now maturing to the point that they are now looking to us to provide network benefits beyond those that simply enable them to establish an independent existence.

Gaining for them the ability to associate themselves with either the IIB or BIBA or both - at no additional cost - has been warmly welcomed."

10:10:10

2010-11-14T16:23:05Z

TEn Insurance Services marks its fifth anniversary (more or less) with a black tie gala dinner for network members and partners at its annual conference in October, at the City Grange Hotel situated in the heart of the insurance market in London EC3.

The conference covered such topics as new or improved deals/binders from insurers, proposed new working methods, technology, marketing assistance and - for the first time - a closed session for the membership to discuss amongst themselves the pros and cons of the TEn offering and what things they would like to see changed or improved. This innovation was particularly appreciated.

Comments TEn director James Sharp, "I think that we have, at the fourth attempt, finally hit upon the right venue and the right format, with a closed session and an insurer marketplace outside of the conference room itself. This year the conference date chose itself, because we simply had to go for the weekend including the 10th of the 10th of the 10th.

Network Broker of the Year (?)

2010-07-21T15:46:02Z

TEn Insurance Services is delighted to announce that one of its network members, Building and Land Guarantees Ltd (BLG), has been selected as a finalist in this year’s UK Broker Awards, the results of which will be revealed on the 10^th September.

Contending for the title, Network Broker of the Year, BLG was established in second half 2006 by the three Directors; all former employees of one of the large consolidators. The firm was founded with a view to offering an independent and niche service – initially in respect of Latent Defects and Environmental Impairment Insurance - within the insurance, construction and finance markets.

Comments TEn director James Sharp, “BLG has been a member the TEn network from the outset and, it is fair to say, that without our assistance it would have been a much harder, longer and more expensive process for the start-up business to become established. Also, BLG has been able effectively to outsource to TEn some essential back office functions that it otherwise would have needed to cope with in-house from day one; to the detriment of seeking out and handling new clients and new opportunities.”

As a broker specialising in insurances that depend almost entirely upon new commercial and residential property developments, BLG could hardly have chosen a worse time to set up in business. Nevertheless, the business model has proven itself robust enough to thrive even in the worst conditions prevailing for 75 years. Despite the recession, BLG has grown year on year and goes from strength to strength.

According to BLG director James Russell, "When looking at establishing a brand new brokerage, we made the decision to partner with TEn as this appeared to provide everything that we needed. That decision has proven to be the right one for BLG; and our recognition in the UK Broker Awards bears this out."

TEn commits to other models

2010-03-12T13:53:30Z

TEn Insurance Services, the network for start-up commercial brokers, is pleased to confirm market rumours that it is looking seriously at other network models to add to its existing AR based offering, primarily designed for new brokers entering the the market.

TEn was first launched in February 2005 and has operated it initial network model successfully for five years. The company now feels that the time is now approaching when other options should be added, both to broaden its appeal and to provide growing room for some if its earlier start-up broker.

Comments TEn director James Sharp, "In terms of a proposition for a new broker setting up, often coming out of an employee position with a larger broker, our current model works very well and always will. Equally for the established member who has achieved a certain size of operation and seeks only to maintain it and/or never wants to become an employer, then the same applies.

However, it is not surprising after five years that we have nurtured a handfull of operations that have grown and whose aspirations for the future differ from the rest. This is a rising demand that we have to accomodate from within the ranks of our ARs and, whilst we are doing that, we might well devise a solution that appeals to some established brokers and members of other networks."

TEn expects to make further announcements on this matter towards the end of the summer or in early autumn 2010.

Strengthening the Board

2010-02-09T09:33:25Z

TEn Insurance Services, the network for start-up Commercial Brokers, is delighted to announce that John Rusby ACII has joined its board of directors with effect from the 1^st February 2010.

John first joined TEn towards the end of 2008 and has since been primarily responsible for the founding and successful development of its in-house premium finance company, TEn Premium Finance Ltd (TPF). He had spent the previous four years with Aascent Finance Co in a business development role.

John’s insurance career stretches back to 1973 when he commenced work for the Provincial Insurance Company in various sales and underwriting positions. By 1989 he had progressed to become a branch manager in North London, The City and ultimately in Reading, at which point his employer had become Axa Insurance.

In the interim between Axa and Aascent, John was involved in the launch of an Underwriting agency, and a new foreign entrant, developing insurer relationships and establishing schemes and binders. At TEn, John now becomes responsible for managing the continued operational growth of the company on a day-to-day basis.

Comments TEn director James Sharp, “Over the past 15 months John has accomplished great things with TPF in a very short time and earned the respect of all staff and network members during the process. We know that he will make an excellent job of the role of Operations Director.”

Following the retirement of former Managing Director Kedric Rhodes, Malcolm Lee, previously responsible for Operations, now becomes Managing Director.

Expansion in Manchester

2009-12-22T12:06:55Z

TEn insurance services, the broker network for Commercial Insurance Appointed Representatives (ARs), is pleased to announce a move to larger premises in Manchester.

Having first opened in the city at the beginning of January, TEn has developed a broker support team of three people, under the leadership of Regional Manager, Dawn Derbyshire. This office now supports many of TEn's northern brokers.

According to TEn director James Sharp, "Continued expansion across the country, the migration of northern brokers from Aylesbury to Manchester and the number of prospective members lined up for the north; all of this means that we shall be increasing our headcount in Manchester during 2010. Consequently a larger office is an essential prerequisite."

TEn hits a half century

2009-02-12T14:56:48Z

TEn insurance services, the broker network for Commercial Insurance Appointed Representatives (ARs), is ‘pleased’ to announce its half century having now reached a membership of 50.

Launched in February 2005, TEn has grown by an average of - or a fraction over - one new member per month thereafter.

Comments TEn director James Sharp, “From the very earliest days, the growth of TEn has been generally steady and consistent, althoug we soon realised that the first couple months into a New Year is always a busy time.2009 has been no exception, with five new members added in January alone.

All of the indications are that this year may see us picking up the pace a little... or more than a little. We have always attracted membership from Account Execs somehow disenfranchised by the process of consolidation. Now, although there is a lot less buying going on in the industry, there are quite a few rationalisations going on that also help our cause."

TEn, having recently opened a Manchester office, expects to handle the increasing demand for its services relatively easily.

A Manchester Office

2008-12-10T14:25:22Z

TEn broking services is pleased to announce that it will be opening an office in Manchester in January 2009.

Due to our continued growth over the past few months and in anticipation of this trend continuing through 2009 and beyond, TEn will be opening an office in Manchester from the beginning of January; complete with its own broking team. To this end, we have been joined by Dawn Derbyshire (formerly with Holmans and HML Marketing), as Regional Manager for the Manchester office.

The office will be located in the city centre in Oxford Street and will, by Easter, accommodate a broking team of three or four Broker Technicians. New network members in the area will be supported by this team and up to 10 existing ‘local’ brokers will be redirected to Manchester from one or other of the existing Aylesbury teams, over the course of the summer. In 2010, we would expect the Manchester office to double again.

Comments TEn director James Sharp, “When we wrote our original business plan in 2004, we anticipated the opening of regional offices from 2008 onwards, but mainly because we doubted our ability to find sufficient qualified staff in Aylesbury in the longer term. As it turns out, we did rather better staffing our head office than we expected, but there are other good reasons for regional offices.

Although the TEn concept fully supports remote working ARs, we have found that those based within 50 miles of Aylesbury obviously find it much easier to have more face to face contact with their specific support team and that makes for a measurably enhanced working relationship. Our aim is, therefore, to get closer to more of our network members and this suggests 6 or 7 more regional centres in due course.”

The Big Four O

2008-08-18T15:32:00Z

TEn broking services, the broker network for Commercial Insurance Appointed Representatives (ARs), is pleased to announce that it has reached the ‘Big Four O’ in terms of it’s membership, but with no signs of a mid-life crisis yet!

40 months since its launch, TEn broking has achieved – or rather it has just surpassed - a membership of 40 ARs, continuing an average nett growth of one per month, which was a precedent established from the network’s beginnings in Q1 2005.

Comments TEn director James Sharp, “When you do a business plan, it’s not very often that the reality turns out just like you expected. But, hand on heart, in this case it has.

Given the current list of prospects, I can say with every confidence that this trajectory is set to continue for the foreseeable future and, I hope, in time, even increase a little. We are very grateful to everyone who has trusted us with their business, but especially our earliest members, who were exceptionally brave when you look back and think about what we didn’t have three years ago.”

A Fond Adieu

2008-07-01T15:31:00Z

TEn broking services, the broker network for Commercial Insurance Appointed Representatives (ARs), is ‘pleased’ to announce the graduation of one of its earliest ARs to independence and direct FSA regulation.

European Insurance Services Ltd (EISL), based in Tunbridge Wells and dealing entirely with niche insurances in the French market, have now reached a size of self-sufficiency and, rightly, decided to become directly regulated and ‘passported’ in their own right. The TEn broking model is targeted primarily at UK start-ups and resultant brokers of below £5m GWP.

Comments TEn director James Sharp, “We have always known that EISL would grow as they have and depart TEn’s shores this year. This is exactly the sort of thing that TEn was set-up to help to achieve. So, whilst we are sad to see them go, we are genuinely delighted that they have developed so far and so fast.

Whilst we are contemplating a variation of our AR model for next year that will enable existing ARs and, maybe, some larger start-ups to join or progress to a more self-sufficient network model, it would be very much a UK market offering. The conquest of France we shall leave to others.”

New Lodgings for TEn

2007-12-03T16:27:00Z

TEn broking services, the broker network for Commercial Insurance Appointed Representatives (ARs), is pleased to announce that it has moved into new premises in Aylesbury.

TEn started life in 2004 with three people sharing in a two-man ‘flexible office’ in the same town, gradually upgrading and expanding its space until there were no larger office left to occupy. It has now moved 350 yards along the road to the Grade II listed Walton Lodge, which will provide space for up to 25 staff initially and further room for expansion in 2009.

Comments TEn director James Sharp, “We had reached the point whereby people had to climb over my chair to get to the scanner and our operational efficiency was becoming compromised. Our new home will not only cure these issues, but provide us with much needed meeting and training room facilities.

The fact that we have moved 350 yards closer to our favourite pub is purely coincidental.”

Seven Up

2007-09-03T15:26:00Z

TEn broking services, the broker network for Commercial Insurance Appointed Representatives (ARs), is pleased to announce the addition of seven new network members during the second and third quarters of 2007. The seven new ARs are located in Scotland (1), Lancashire (1), Leicestershire (1), South Wales (1), Sussex (1) and Buckinghamshire (2).

Comments TEn director James Sharp, “We are very pleased with the recruitment of new members throughout the summer, although as in previous years, there is a definite trend that results in a whole tranche of applications arriving during the summer holidays. We see a similar manifestation of this phenomenon after Christmas, Easter and even the odd bank holiday.

We believe it is at these times when individuals consider their situation and make live changing decisions; more than at other times of the year. Whatever the reason, the TEn concept is now represented in an ever increasing proportion of the UK.”

Due to the surge in demand for admission to the TEn network, the company has announced plans to move into larger premises in Aylesbury before the end of 2007 and to open a northern office during the course of 2008.

... and another four!

2007-03-01T16:24:00Z

TEn broking services, the broker network for Commercial Insurance Appointed Representatives (ARs), is pleased to announce the addition of four new network members during the first quarter of 2007. The four new ARs are located in Hertfordshire (1), Lancashire (1) and Buckinghamshire (2).

Comments TEn director James Sharp, “We welcome the four new members this quarter; exactly the right number as per our targets and aspirations. Interestingly, they have all popped up within a few miles of one or more existing ARs, which clearly assists the economics of our account management and oversight role.

That said, one of our secondary targets for the year is to begin to fill in some of the gaps around the country where we have no representation at the moment. Consequently, we would be particularly interested to hear from applicants in South Wales, East Anglia and the West Midlands, although continued clustering has its advantages too. We do not perceive a problem of inter AR competition arising for some years yet; if ever.

TEn operates a centralised IT platform from CDL, which restricts AR access only to their own clients but gives TEn staff a full view and control of everything. The system identifies and highlights a second AR’s attempt to create a prospective client that already exists in the client database as a whole. To date, this has never happened.”