Quote:
Originally Posted by HarryM1BYT
Could you run that past me again Ray please?
Just to make clear what I understand of it...
AF is just the broker and so far as I am aware they do not have any financial issues.
Midas/ Enterprise are one of the insurers who AF broker for, which is the insurer which is in trouble, as maybe are their customers who have insured with them via AF.
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Agreed Harry, think the previous post is somewhat confusing. AF are a broker, brokers rarely go bust as they don't carry any risk. The Insurer (effectively the underwriter) carry the risk and as in this instance a couple of them have seemingly folded.
As the market becomes ever more competitive and price is everything brokers will seek out less secure markets / Insurers / underwriters who have less reserves, registered overseas etc as these invariably quote cheaper