Financial times
Brokers must be armed with the full financial facts before placing business with an underwriter and pass on this knowledge to their clients, says Michael Howard.
The security of underwriters recommended by brokers is highlysensitive.
While many broking houses have security committees to discuss
underwriters' solvency, acknowledgement of such committees and details of
membership is often as secret as the methods used to vet underwriters'
credentials.
This subject is becoming increasingly important, however, following
high-profile collapses such as Independent Insurance.
When placing insurance, to what extent are brokers expected to review an
underwriter's
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