Awarded
Retrocession Broker Scheme Contract.
Descriptions
Flood Re is a not-for profit reinsurance company that will be designated as the ‘FR Scheme Administrator' pursuant to the Water Act 2014. A ‘Memorandum of Understanding' of June 2013 between the UK government and the Association of British Insurers provided that Flood Re will be owned and managed by insurers, with the aim that the reinsurance effected by Flood Re will result in affordable flood insurance for households in the UK, in particular, over time, by reference to the likelihood and severity of the risks of flooding facing such households. The statutory scheme for flood insurance and reinsurance involving Flood Re is intended to cease after 25 years.The planned operating model for Flood Re is to outsource much of its operational or commercial functionality. As part of such outsourcing, a broker is to be appointed to handle a number of operational or commercial functions that are necessary for Flood Re to be able to effect and carry out reinsurance contracts in compliance with UK law. In particular, such activities include: the selection, negotiation, agreement, administration and appointment of Retrocession / ART.The broker will enter into a contract with Flood Re for a period of 4 years, extendible by Flood Re for further periods so that the contract may be for 7 years in total.In addition to the procurement of the broker, Flood Re is also undertaking a separate procurement for the appointment of a managing agent.The broker is to be appointed during Q4 2014 to enable Flood Re to progress with the authorisation requirements of the UK's Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA).As Flood Re will only be classified by the ONS according to the European System of Accounts 2010 after designation in secondary legislation enacted pursuant to the Water Act 2014, there is a future possibility that: Flood Re will be classified by the ONS as a public entity forming part of central government or government corporation for accounting purposes; or Flood Re's funds will, in part, be classified as taxation for public accounting purposes. Similarly, following designation, there is a possibility that other public law requirements may apply, including requirements pursuant to: Flood Re being an emanation of the State for ‘pure' UK law purposes, especially Section 6 of the Human Rights Act 1998; Flood Re being an emanation of the State for EU law purposes, including direct effect: EU public procurement law and compliance with the UK Public Contract Regulations SI 2006/5 (as amended); EU state aid law; Environmental Information Directive (2003/4/EC) and Environmental Information Regulations 2004 requirements; administrative and accountability requirements pursuant to government administrative policy, including principles within Managing Public Money.Given the possibility of the public procurement requirements applying to Flood Re in the future, Flood Re is voluntarily following a procurement akin to the open procedure process for the appointment of the broker with the assistance of the Crown Commercial Services and external legal advisers. Flood Re makes no admission as to its public or private status by voluntarily adopting a procurement structure akin to those undertaken by contracting authorities in accordance with EU and UK procurement legislation.During the term of the contract, the broker may be required to undertake procurements on behalf of Flood Re in accordance with EU and UK procurement legislation.
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Tender Regions
CPV Codes
66518100 - Insurance brokerage services
79410000 - Business and management consultancy services
66510000 - Insurance services
66518000 - Insurance brokerage and agency services
66700000 - Reinsurance services
Keywords
general insurance
non-life insurance
risk policies
casualty coverage
insurance contracts
policy underwriting
insurance provision
commercial insurance
personal insurance
insurance product offerings
insurance brokerage
insurance agency
intermediary services
broker services
agency representation
policy placement
client insurance advisor services
insurance distribution services
brokered insurance
agency insurance solutions
insurance broker services
brokered policy arrangements
client insurance brokering
independent insurance brokering
risk placement brokers
multi-line brokerage
broker-facilitated insurance
brokerage commission services
insurance intermediary broker
insurance placement brokerage
reinsurance coverage
risk redistribution
reinsurer services
insurance risk sharing
treaty reinsurance
facultative reinsurance
insurer risk mitigation
reinsurance brokerage
reinsurance underwriting
risk transfer services
management consultancy
business advisory services
corporate strategy consulting
executive coaching
organizational development
management support
consultancy engagement
business performance consultancy
Tender Lot Details
2 Tender Lots
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Possible Competitors
1 Possible Competitors
