Integrating with Bishopsgate
CLM has been collaborating with Bishopsgate since the start of the year and if hadn’t been for Covid-19 we would have been much further down the road with our plans. Ardonagh’s purchase of Bravo means we can push ahead and, subject to the FCA granting Change of Control, look to bring the two businesses together.
What does the current collaboration look like? At the moment CLM are assisting Bishopsgate with their fleet broking and an inter-business TOBA exists whereby CLM’s agents can access Bishopsgate’s specialisms such as Jewellers Block and PA/Contingency. In addition, we talk regularly around market developments and assist each other with market access across classes.
Below, Bishopsgate’s Managing Director Paul Longhurst sets out our vision and plans.
It seems ages since we first started this journey, but once change of control is granted we will look to join the forces of Bishopsgate and Compass London Markets, building a Lloyds broker with a wide offering of specialisms and a significant collective GWP to market of £100m.
The distribution channels for both businesses are well established and it’s important that we do not lose sight of those supporting agents and their needs.
The merger will enable us to leverage our combined GWP to eventually offer a greater range of products and facilities.
There’s a lot of work to do in terms of systems, procedures and structure, but unlike some of our competitors this merger is one that has been based on a like-minded collaboration from the start. It’s crucial for the merger that we bring the staff and agents along with us on that journey and maintain the levels of service that we currently enjoy.
The next step will be to build a timetable once change of control has been received and we will communicate and update as regularly as possible.
For the time being Bishopsgate Facilities are available to CLM agents via the CLM team and Ewen, but the merger will of course streamline that process.
If you have any queries during this interim period, please feel free to contact Ewen, Paul Montgomery or I to discuss using the contact details below.
0203 879 5519
0203 879 5513
020 3984 4259