FCA probe into MGA sparks broker rush for new cover

Giles and James Hallam are among the brokers trying to find new cover for their care home clients in the wake of an FCA investigation into specialist underwriting agency AccessBI.

Yesterday a letter signed by the directors of AccessBI was sent to brokers saying that it was under investigation by the regulator and had been visited by the FCA.

The note adds the company has closed down its AccessBI insurance platform and has had all its client accounts frozen until the investigation has been concluded.

James Hallam and Giles (part of Arthur J. Gallagher), have previously placed various care home policies on behalf of clients through AccessBI, as one of a number of markets.

A spokesman for Arthur J. Gallagher said today: “We are in contact with the FCA and have acted swiftly to ensure that our clients have been afforded appropriate cover with an alternative insurer.

“There will be no further comment from us until the FCA investigation has run its course.”

James Hallam managing director Paul Anscombe added: “We have taken urgent action to communicate with clients and have been successful in replacing a number with alternative insurers already.”

In the letter to brokers AccessBI said: “We are incredibly sorry to have put you and your clients in this position and that we have not been able to communicate with you.

“We agreed with the insurers involved that we would not communicate until we are in a position to confirm cover on each case transacted through AccessBI.

“We have been visited and are fully co-operating with the Regulator. We want to assure you we are all doing everything possible to get statements to confirm cover on an individual insured basis to you.”

The note says all staff at AccessBI have been told not to speak to anyone outside the organisation whilst the FCA investigation is ongoing.

AccessBI is part of Access Risk Management Group and specialises in the property, care, charity and construction sector. A notice on the AccessBI website says it is currently under reconstruction.

Access Risk Management Group has been approached for a comment.