There is another aspect to the collapse of Ward Evans which I have not seen referred to. For years, that company engaged in very aggressive marketing and was supported by insurers, which, it appeared, gave them rates and terms that were not available to other brokers.
Now that this sand-built castle has collapsed, many insurers are likely to write off the premiums that were discounted in the first place and which have not been paid to them by Ward Evans.
These are premiums that have literally disappeared from the market at a time when insurers, without exception, are pushing for rises.
This is not the first time insurance providers have given preferential treatment to brokers or intermediaries who talk a good game and are successful for a while.
When will they ever learn?
H W Russell
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