Clegg Gifford (CG) was founded in 1968 as a general insurance broker, which later evolved into a Lloyd’s broker.
We provide a broad spectrum of both personal and commercial insurance products. CG is a well-known and well-regarded broker, with a national clientele and a heritage in the motor trade, which stretches back to its formation.
CG has always written the majority of its business directly with the public. It also has a strong wholesale identity – providing non-Lloyd’s brokers with access to Lloyd’s facilities and the London market. Additionally we are able to bind business for direct clients and wholesale brokers alike, under various binding authority agreements with insurers.
Founding – CG was founded in 1968 as a general insurance broker, and later acquired status as a Lloyd’s broker. This provided access to unique markets and schemes by which CG could place specialist risks for its clients.
Where we are today – Today CG maintains a broad spectrum of both personal and commercial insurance products and is a well-known broker in the UK Insurance Industry, with a national clientele and a heritage in the motor trade.
50 years – CG is celebrating its 50th anniversary and looks forward to the next fifty years of working with our customers and building great new relationships, as well as welcoming back long-standing clients who we have been proud to serve over the last half century.
Westminster insurance is one of the best known and longest serving names in the taxi insurance market. Westminster is a trading name of Clegg Gifford & Co Limited. and celebrates its 70th birthday this year. Westminster provides a long-standing appointed representative network with a national footprint throughout the UK. It’s heritage is closely linked to taxi insurance placed locally for individual licensing authorities. Since CG purchased Westminster in 2014, this has increased the breadth of facilities and products Westminster offices can offer its clients.
CG has branches across the UK and the branch office network includes offices in Aberdeen, Basildon, Birmingham, Bristol, Cardiff, Edinburgh, Guernsey, Minories (City of London), Portsmouth, Romford and Wakefield.
In December 2014 CG purchased the Westminster insurance brand and book of business from Tradex Insurance Co Ltd. which included its nationwide network of tied appointed representatives.
Historically CG has enjoyed a strong wholesale identity – providing non-Lloyd’s brokers with access to Lloyd’s facilities, as well as being able to place business under its various binders. In December 2016, CG purchased the goodwill of the wholesale insurance arm (Tradex insurance services) from Tradex Insurance Co Ltd. This included nationwide relationships with 800 insurance brokers. The business was primarily motor trade, but included some fleet, family fleet, personality and commercial vehicle business.
CG is a family owned company with Roy Clegg as the majority shareholder. There are common shareholders between CG and Tradex Insurance Co Ltd.
Customers should note that for some motor products we may use Tradex Insurance Company Limited (Tradex). Tradex is authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and PRA. Financial Services Register no. 202917. Tradex and CG have a common shareholding, with Roy Clegg owning the majority of shares in both companies. Any conflicts of interest that arise from this are dealt with within CG’s Conflicts of Interest policy and other associated documentation. Furthermore to ensure separation at a governance level, there are no common directors between either company, to maintain independence of both. We welcome any enquiries regarding this longstanding association between both companies. From December 2019 CG took a direct stake in Tradex and is now a minority shareholder in the company owning 18.18% of Tradex Insurance (Holdings) Ltd, which owns Tradex Insurance Company Ltd.
Tradex operates a binding (delegated) authority with CG which allows CG to underwrite under Tradex’s control, administer policies, handle complaints and manage claims. CG are remunerated via commission from Tradex from risks bound on their behalf and also fees levied for the placement and administration of risks.
CG are remunerated via commission on the products it sells on behalf of insurers. We may also apply fees on administrative work carried out on your policy. In addition to this, based on performance (usually via posted loss ratios that are calculated via actuarial analysis after a period of time – usually 3 years) CG has some agreements where performance affects the total commission payable – which can either increase the commission payable from a carrier or decrease what CG earns based on posted loss ratio on the account. The renumeration level is usually in line with the actions carried out on behalf of the insurer. The greater the level of work required, e.g. accounts, marketing and claims handling and delegated actions via binding authority – usually the greater the commission received. This can range from 10% on some motor products to 35% on some specialist commercial lines for the London and Lloyds market.
As your trusted Insurance Broker, Clegg Gifford (CG) would like to provide you with information on the new Consumer Duty Principle and how CG has applied it to our business. CG endeavours to provide you with the best product possible, at a fair price and of value whilst ensuring you are supported throughout your customer journey with us and understand our policies and the supporting framework of how your insurance is provided.
1. What is Consumer Duty?
Consumer Duty builds on previous regulations such as the Insurance Distribution Directive, Treating Customers Fairly and Clear, Fair and not Misleading Communications. The Consumer Duty ensures that firms like CG are “acting to deliver good outcomes for retail customers”. Further details can be in the FCA’s final Consumer Duty rules.
2. How does Consumer Duty affect our customers?
As CG are in the distribution chain of insurance products, communicate with customers and in some instances, design, build and price certain products, CG are obligated to ensure that our customers are receiving the best quality products, pricing, value and understand what you purchase or propose to purchase. As CG has always endeavoured to provide the best possible customer service and support, we will continue to provide you with your needs.
Please also remember, that if you ever wish to speak to anybody in person, you are able to visit one of our branches. This is an especially important investment that we make; in having local representation with real humans that you can liaise with. Sometimes customers find call centres grating and so we maintain this option and welcome you to make full use of the provision if you think it would help you.
3. How are CG demonstrating compliance with the Consumer Duty?
CG has ensured all staff are aware of the Consumer Duty and training has been delivered and completed company-wide. We have completed assessments and reviews of our products (both internally and liaising with external stakeholders including insurer partners) to evidence that they still meet our customers’ needs and they work for our target market. The assessments and reviews include ensuring that the products provide fair value and pricing.
CG’s communication methods and content have been reviewed to ensure they are easy to understand and that our customers can realise the benefits of their product or service. It also ensures that you understand, where applicable, the limitations of cover (resulting from common and case law, established practice, regulation or legal principle) and that there are purposeful limitations to all insurance policies to adhere to such structures and also to help combat against, for example, fraud, which we are also charged to do. The key to this is assisting your understanding of such matters.
CG have internal policies, key information on all key areas of the business and documents to evidence how we are meeting the Consumer Duty compliance and this is an ongoing process whereby we continue to strive for improvements in all areas of our business.
4. How can CG help further?
CG always welcomes feedback from our customers. If there is anything you would like to raise with us, please feel free to contact us by email, post, phone or a visit to one of our branches.
5. Our responsibility
The Board of Directors are responsible for ensuring that Consumer Duty is properly embedded within our company. CG has assigned our very own independent Consumer Duty Champion and the topic is regularly discussed to ensure we meet our responsibility to our customers.
From humble beginnings…
Company founded as a partnership between Roy Clegg and Mike Gifford from an office in Ilford Lane. Starts with 3 people.
First motor trade binding authority through Lloyd’s and national insurers. CG has 25 staff.
Roy Clegg sets up Tradex underwriting to focus on specialist motor trade and national taxi market. Later becomes an insurance company in its own right in 1992. CG has grown to 35 staff.
CG opens up its Guernsey office and its London city office to service the Lloyd’s market growing to 60 staff.
CG moves into its larger purpose built HQ and grows to 80 staff.
CG buys Westminster Insurance a 70 year old national taxi association insurer from Tradex with its network of authorised representatives across the UK. CG now has 150 staff.
CG buys the balance of the wholesale book (Tradex Insurance Services) back from Tradex. CG has grown to 200 staff.
CG has grown to 11 branches and 30 appointed reps with a UK national presence and has over 240 staff.
A nationwide broker formed in 1968. CG provide a broad spectrum of both personal and commercial insurance products.
CG’s wholesale arm which provides 1000 UK brokers with commercial motor products and access to the Lloyd’s market.
Providing Guernsey with flexible and competitive insurance for over 25 years.
Westminster insurance is one of the best known and longest serving names in the taxi insurance market.