The key to the success of our many years of advice and integrity to our clients is our overriding commitment to deliver the most effective service by:
- Thoroughly understanding our clients’ needs and their industries.
- Identifying all issues so your claims are paid efficiently
- Developing client solutions in the markets and identifying costs clearly.
- Passionately delivering quality client service and full transparency.
We endeavour to deliver the above with diligence, integrity and honesty.
What we do?
Lex Risks is a speciality niche boutique insurance advisory service in the truest sense of the word. Lex provides key data and state of the art information not readily available in the marketplace on insurance markets and how to manage your insurance risk, bringing solutions around your policies and claims.
Based in London, Dublin and Malta, and with a network of professionals around the globe, Lex can give you insurance information on what is affecting your business and how to solve the issue with a true solution that works all the way through your organisation.
Lex and its global associates and network are at the heartbeat of the insurance market globally.
Lex Risks advise on all matters in relation to the investigation of loss.
Our role is to get the claim paid as efficiently as possible and on the best possible terms in minimising a claim against you or indeed maximising a claim for you under your physical damage, business interruption, uninsured losses and recoveries.
Lots of brokers do not know where and how the ‘Trigger’ mechanism of a policy starts or indeed finishes and that is where we win for our clients. If you find yourself in that position, get a new broker, and Lex can advise you here also depending on your jurisdiction.
General + Business Claims
All claims vary in nature and different documentation is required depending on the claim in question. However an indication of the documents required will be discussed once we engage with you and get a clear picture of the claim and our solution to close it out successfully.
Forensic Audit Work
Lex provides forensic insurance analysis on your policies and risk responses not insured.
Through Lex’s vast network, globally we can research your business needs from a risk perspective to give you complete transparency, evaluating your existing policy in its policy terms and premium cost.
We all regularly get a medical examination on our person which is common sense, however in business we tend to ignore or not pay enough attention to our company’s assets, instead relying on our broker to advise fully. Sometimes your broker may not give you the peace of mind “or indeed he has never been tested to perform the hard work of getting insurers to pay losses”.
For your peace of mind have an independent insurance audit, there is no downside as we work on a "no foal, no fee" structure.
Lex’s expertise can clearly analyse where savings can be made or different structures are more appropriate.
In the large corporate sector, Lex can advise on Captive structures and why with the advent of the Sarbanes Oxley Act of 2002 and Basle III the swing in the pendulum arising from capital adequacy, stress testing and market liquidity risk has placed clear onus on Chief Financial Officers’ globally. As a result Group’s are moving to discretionary mutuals where there is intrinsically more value to be achieved, not just in the avoidance of IPT (Insurance Premium Tax), but the fact that capitalisation, release of capital is affected.
Why Insurance Claims and relationships go wrong:
- The broker never understood your business in the first place. Always pay attention to the broker who strives to understand your business and your exposures for you.
- Poor policy forms.
- Lack of claims attention and relationship management with insurers.
- The broker does not keep you away from lawyers; the broker should always try and keep your legal team in the background until you have the ‘gun’ ready to fire.
Understanding Corporate Insurance and some home truths about the Insurance Industry
This section will help to give a helicopter view to the leading Chief Financial Officers globally about how the insurance market works. The Insurance market to a large degree is a cartel with the top brokers and Insurers controlling 60%-70% of the insurance of the top 20,000 companies globally. When you look at the Fortune 500 and so forth down the line to the top 20,000 companies buying insurance the cartel has huge power with the Insurance companies and this helps them secure substantial hidden commissions that help them increase their overall % dramatically.
Some Home Truths:
What does this mean to a Group paying €2M + premium a year and why all of these top have brokers reneged on their original transparency agreement on hidden fees.
The answer is simple. It would only reduce their % of your premiums!!
There now exists a complete lack of value and transparency for the insurance buyer exists because of the opaque structures and hidden layers of sunk cost, reinsurance and primary commissions within the overall premium structure.
Lex opens up the “Pandora’s box” and drives transparency around your insurance contracts in the insurance “cartel” market that you buy your insurance in.
What does this mean to a Group trying to find embedded value?
- How does a finance director find value?
- What are the parameters of a request for proposal (RFP)?
- Who manages the process? You of course!
- But you have to know how to?
Lex through its vast network and markets can bring solutions that really drive to the bottom line.
How do we do it?
Having been at the forefront of commercial insurance for 30+ years, the firm led by R.M. Henry can forensically examine the policies of a client in an efficient and timely fashion to identify the key areas where improvements in structure, premium, risk management and self-insurance contracts can be achieved.
What are the real issues for a large company paying £2m or more per annum and how they manage their risk, self-insurance deductibles?
What are the alternatives and who controls them?
Well to start with, Captives are controlled by the insurance brokers, Captive advisors and indeed insurers, reinsurers and hedge funds.
In essence the key issue for companies is to be able to trust their advisor or insurance broker to deliver a transparent insurance contract that embeds real long term value. Providing and driving innovation and foresight to your business needs into the future are key.
How do you measure this?
Employ Lex Risks to assist in the roadmap you require identifying all the options and pitfalls.
What is the worst position for a company paying £2m+ a year?
The answer is simple:
- No self-insurance.
- Lack of risk management.
- Retail composite policies.
- Trading into a composite insurer with no control over future costs.
How do you deal with this as a Chief Financial Officer or Financial Director?
Well the key issue is to understand the complexity of the problem and to agree a road map.
Lex can advise you on the template you need and the advisors you should work with. Some key issues for a Chief Financial Officer where having Lex beside you will benefit you to choose are:
- The right broker for your area.
- How to manage that relationship.
- Get you out of the retail market and into the wholesale market.
- Create complete transparency on fees + commissions, fronting changes and insurance premium taxes.
If you get just two of these right you will save a lot of money. If you can get all four then that will be a great result.
Lex Risks Solutions Cell - Malta
“Lex Risk Solutions Cell is a Cell of Jatco Insurance Brokers PCC Ltd, Co. Reg. No. C9233, which is authorised under the Insurance Intermediaries Act to carry out insurance intermediaries activities and is regulated by the Malta Financial Services Authority.”
Lex Risk Solutions Cell is licenced to carry out insurance intermediaries activities in all EU and EEA member states under Freedom of Services Legislation.
Lex Risk Solutions aim is to ensure that the highest standard of service is given, doing our very best to deal with your insurance requirements in the most efficient manner. However, concerns about some aspects of our service can occasionally arise. In such circumstances Lex’s staff have wide authority to settle problems and will do everything they can to help. Your broker should be your first point of contact. In the unlikely event that your complaint is unresolved, please write to:
|The Claims Manager or The Sales Manager (whichever applicable), Lex Risk Solutions Cell,c/o Jatco Insurance Brokers PCC Limited,The Reed Centre,Blue Harbour,
Ta' Xbiex Marina,
Ta' Xbiex XBX1027,
The Sales/Claims Manager will acknowledge your letter within 5 working days explaining how we will handle your complaint. You can rest assured that we will handle your complaint fairly and promptly.