Hiscox cancels Bluefin agency after questioning impartiality
Bluefin chief executive Stuart Reid has labelled Hiscox claims that the broker is biased towards parent AXA as ‘a bit cheap’ and he ‘utterly refutes’ the claim.
Reid spoke out after Hiscox cancelled an agency agreement with Bluefin and then questioned their impartiality.
Reid said: “Hiscox are an insignificant insurer of ours. They’re a non-preferred market. We took some business away and they had a bit of a head rush, frankly.
“They are quite within their rights to do so. It is their agency. But to call into question our impartiality is a bit cheap really.
“We satisfy all the requirements of the FSA and our close working relationships with other insurers prove that our impartiality is unquestioned. And I totally and utterly refute what they are saying.”
The Hiscox account makes up around 1% of Bluefin turnover, said to be worth around £8m in gross written premium.
Hiscox sales director Ross Dingwall sparked the furore after saying that the Lloyd’s insurer has been concerned about the lack of support to its agency and also the suspected lack of impartiality between Bluefin and its parent, AXA.
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