Description of Business
- Organisation chart
- Source of new business – any reliance on key business developers?
- Details of any specialist areas of business
- Details of any previous professional indemnity claims or potential claims
- Copy of your last PI renewal form
- Details of any significant customers – e.g. any generating more than 2% of GWP
- List of all trading names and brands used
- Copies of the last 2 year’s audited accounts
- Latest management accounts sufficient to cover the last 12 months trading history
Insurer / Client Information
- An anonymised client list on a policy basis with prior year gross written premium, income split between fee and commission and also split by policy type
- Key areas of focus should include details of any large individual clients as reported in the overall book
- Analysis of income between private clients, SME (premiums below £10k) and commercial premiums (over £10k)
- Total number of clients and total number of policies
- A list of gross written premiums split by insurer and product lines
- Breakdown of any add-on policies sold to consumers
- Have you ever used any unrated insurers? If so, please provide GWP exc IPT and income by insurer
- Have any Financial Services been traded historically throughout the business? If so, please provide further details
Location & IT
- Your main trading locations and the key terms of your lease
- Which IT system you are on and please provide a brief run-down of infrastructure
- What type of broadband connection do you have or do you have a dedicated lease line?
Staffing & Benefits
- A list of all staff in the business (both full-time and part-time)
- Details of any self- employed staff
- Full remuneration details including any bonus and benefits provided
- A CV or summary of any key staff/managers/account handlers/account executives
- Copy of your latest FCA auditor report
- Details of any breaches reported to the FCA
- Copy of latest client money calculation
- Copy of latest RMAR submission
- Copy of your complaints log
It would be really helpful if you could elaborate on your thoughts about the future. Do all the vendors intent to stay with the business or retire? What are your current thoughts around succession?
Any other information
- Whether you are currently members of any network
- Is there any other information that you feel would be pertinent to our discussions?
- Have you had any thoughts regarding deal structure in terms of length of earn-out, etc?