Ethos Broking is ‘planning and preparing vigorously’ for Brexit, says MD

Bravo Group’s Ethos Broking has a “multi-layered” Brexit strategy, which includes the creation of “a Maltese PCC for one of our existing partners”, revealed Richard Tuplin, the company’s managing director.

Speaking exclusively to Insurance Times, Tuplin said that Ethos Broking is currently “planning and preparing vigorously” for Brexit, using a “multi-layered approach”.

This includes taking advantage of parent company Ardonagh, which bought Bravo Group back in July. “We’re working with Ardonagh, with their solutions,” Tuplin confirmed.

One option that Ethos Broking is using, however, is “a Maltese PCC for one of our existing partners, which specialises with a binder in Europe that’s very bespoke to them”.

Investopedia defines a protected cell company (PCC) as ”a corporate structure in which a single legal entity consists of a core linked to several cells that have separate assets and liabilities.

“The central core organisation is linked to individual cells and each cell is independent of each other and the company’s core, but the entire unit is still a single legal entity.”

Tuplin said that plans around the PCC are “progressing well”.

Communications

Aside from this work, Ethos Broking is “looking at the wider provision of insurance services outside of the UK and we’re working with Ardonagh at the moment to see what solutions we’ve got”, Tuplin said.

He added that the business has “three or four options on the go at the moment”.

Once the PCC and other options have been finalised, Tuplin said it then comes down to communicating with both clients and staff, “making sure we’ve got packs for our clients so they understand what they need to do in the event of a hard Brexit, making sure our staff understand what they need to do in the event of a hard Brexit”.

He continued: “We’re working on all those good things at the moment, hopefully with no need of having to do it, which is more ironic - you’re doing all the work but think you might not need it.

“I suppose part of me lives with this optimism of the last-minute deal and Europe are known for it. I think that’s all we’ve been angling for and that’s a purely political statement.”