News @ TEn
you have entered spin free zone
| Aug 2008 | The Big Four O |
| Aug 2008 | Across the Water |
| Jul 2008 | A Fond Adieu |
| Dec 2008 | New Lodgings for TEn |
| Sep 2007 | Seven Up |
| Jul 2007 | A Starter 4 Ten |
| Mar 2007 | ... and another four! |
| Dec 2006 | End of Year Round-Up |
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The Big Four O
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.”
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Across the Water
TEn broking services, the broker network for Commercial Insurance Appointed Representatives (ARs), is pleased to announce the addition of a member in Northern Ireland, based in Belfast, in addition to one other – in Newry - who joined earlier this year.
Since TEn’s interest in Northern Ireland was first mentioned in the Insurance Press, there has been a steady stream of enquiries from The Province. It is likely that there will be further announcements in months to come.
Comments TEn director James Sharp, “When TEn was established, we reluctantly decided that we did not have the breadth of agencies to garner a minority of those who would write business in Northern Ireland. However, a lot has changed in three years and we are very happy that we were able to change too.
Now that the word is out there, a measurable proportion of our current prospects originate from The Province. It will be interesting to see how these enquiries develop and whether we can help to stimulate the small broker population in the North to anything like the levels that already exist in the South.”
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A Fond Adieu
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.”
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New Lodgings for TEn
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.”
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Seven Up
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.
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A Starter 4 Ten
TEn broking services, the broker network for Commercial Insurance Appointed Representatives (ARs), is pleased to announce a new initiative to assist start-up brokers in their first year of trading.
To date about 50% of the TEn membership has come as a result of consolidation, with senior account executives, managers and even junior directors of the firm that has been consolidated deciding to vote with their feet in reaction to the new regimes imposed upon them. Typically these people are ACII, have at least 10 years industry experience, are aged 32-48 and have employment contracts incorporating restrictive covenants of varying degrees of enforceability lasting up to a year.
A Starter 4 TEn is aimed at just this group of people, who at the end of their 12 months’ restriction are able to access their former commercial clients and build upon the new business that they were free to pursue in their first year.
Comments TEn director James Sharp, “Over the past two years we have had perhaps eight times as many enquiries from this target group of people as we have seen sign up, whilst in other segments the conversion ratio has been much more like one-in-three. The problem is that first year can be daunting for people who lack, either, substantial savings, an off-set mortgage with £20k sitting in the off-set and/or a second strong earner in the family.
Consequently, we came up with idea of A Starter 4 TEn based upon much the same principles as a Student Loan. Whilst it is probably quite good for the soul to endure a little bit of hardship in your first year as a new business, if you can’t pay the mortgage then you ain’t going to do it. Starter 4 TEn is designed to help people in that position.”
The membership of TEn is now approaching 30 ARs and the company expects to conclude its first Starter 4 TEn arrangement within the next couple of weeks.
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... and another four!
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.”
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End of Year Round-Up
TEn broking services, the broker network for Appointed Representatives (ARs), is pleased to announce the addition of two new members in the closing weeks of 2006. Both are start-up operations and they are based near Huntingdon and in Edinburgh respectively.
The year has seen a net increase in ARs from 11 to 25 and Gross Written Premiums rise by 900% as compared to the previous annual tally; although, admittedly, the income stream in 2005 did not really get going until half way through, this being the company’s first year of trading. That said, TEn achieved profitability (not counting inward investment) during and for the whole of the last quarter of 2006, after barely 18 months since operations began.
Comments TEn director James Sharp, “We’re really very content with how the business has developed over the last two years. Certainly our growth rate, which is organic and entirely devoid of acquisitions in the traditional sense, is completely without precedent in the market; and, I would suggest, doubly so in a soft market.
Whilst we are unlikely to achieve a 900% GWP growth rate within a 12 month period ever again, nevertheless our expectations for 2007 are for another 15 ARs and approaching a 300% increase in GWP. We would regard this as a relatively modest aspiration for the business model.”
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