The Griffin Insurance Association Ltd was a Mutualised solution formed in the mid-80s. BMS and a number of other small/mid-size independent London brokers, realised they were subsidising the Errors and Omissions premiums of the larger brokers through what they were paying for their own coverage.
The London market was the major provider of such coverage and it was these brokers who were experiencing the larger and more frequent claims. There were growing concerns over availability too, things needed to change.
BMS was involved in discussions to identify the feasibility of creating a mutual insurance vehicle as the alternative solution to cover their professional liabilities.
Tindall Riley, a highly regarded firm with a long history of Mutual management, were appointed to co-ordinate a review, conduct the appropriate research and build a corporate governance and financial framework for consideration.
The outcome of the review was positive and the Griffin Insurance Association Ltd was authorised as an insurance company, under Tindall Riley management in March 1988, with the plan to begin offering coverage in October that year.
Reinsurance was however a pre-requisite to the company beginning operations and BMS, as an acknowledged expert in the successful creation and placement of reinsurance for Mutual type companies, was appointed as lead broker to develop an appropriate reinsurance programme, which after some challenges, was successively achieved.
BMS has retained the position of reinsurance intermediary since day one and The Griffin has been an unmitigated success in its 30+ year history. It has consistently provided significant dividends through return of premiums to its members, is stable, very financially secure, and with a high quality portfolio of insureds.
It has achieved everything it originally set out do - retaining selectivity, a culture of responsible risk management, a philosophy of prudent underwriting and appropriate pricing strategies and effective claims handling.
Griffin remains well equipped to meet the objectives first identified over 30 years ago, and is still important today.
You can find out more about The Griffin here.