Services to insurance brokers
LMG has developed extensive experience in acting for both London Market and UK insurance brokers.
The insurance broking industry is currently going through a challenging time. Factors such as:
- Softening rates across most lines of business
- The weak US dollar against Sterling, creating an imbalance of income over expenditure, with many London brokers receiving the bulk of their income in US dollars but facing a sterling expense base
- The effects of the ‘credit crunch' are putting considerable profit pressure on the smaller brokers, who are now looking at their cost base in an attempt to maintain profitability.
LMG has experience of working with smaller brokers and providing sensibly priced services to ensure that our clients are best placed to ‘ride the storm'.
LMG prides itself on working closely with its brokers and providing a highly personal service in a client oriented culture, enabling potential problems to be identified at a sufficiently early stage to be able to provide effective solutions. Our knowledge of the insurance intermediary market with the many financial, regulatory and technological issues that it faces, enables us to work alongside our client in adding value to achieve real solutions.
The services that we provide to the insurance intermediary market include:
Audit/assurance - combining traditional audit services to the broking sector and capitalising on our in-depth knowledge of the intermediary market and the issues it faces with added value services, be they on a firm's internal controls or on its tax position, client money audits etc
Accounting services - including the preparation of financial statements, conversion of financial statements to International Financial Reporting standards, preparation of management accounts and back office functions.
Taxation - direct and indirect tax compliance and advisory services, including VAT registration services for insurance intermediaries aiming to maximise input VAT recovery, successfully assisting companies with corporation tax enquiries etc.
Advisory - including company valuations where we have nearly twenty years of experience in valuing insurance brokers, financial due diligence on acquisitions of broking companies and/or books of business.
Regulatory advice - working with our compliance consultancy partners (RWA Group) and including advice on FSA authorisation for start ups and assistance with ongoing FSA compliance issues including preparation of RMAR's, scope of permissions, assisting with thematic and arrow visits.