Our insurance businesses have made steady progress in a challenging year for the
insurance industry. Our bespoke services are positioned well with Capita Commercial
Insurance Services now operating as a London market service provider working for
7 out of the top 10 Lloyd’s of London managing agents.
Capita Insurance Distribution: In the year we integrated BDML,
Lancaster Insurance Services and Hero Insurance Services. The business is now ranked
5th in the Insurance Age 2009 poll of Top 50 Brokers ranked by brokerage income.
In particular, we are now administering 35 Pet Schemes for Affinity Partners insuring
approximately 300,000 dogs and cats in the UK. During the year we were awarded contracts
with Igo4, Castle Cover, Aviva and Assurant.
Marsh: Our comprehensive transformation programme is delivering
enhanced service to Marsh and its clients alongside reductions in operational transaction
costs. We have further developed our onshore/offshore blended service delivery model,
creating a centre of excellence for insurance outsourcing services based in Marsh’s
existing Norwich premises and successfully transferred outsourced services in Pune,
India from a previous provider.
Shareholder services: We secured 20 new contracts, a record number,
from other suppliers – including contracts with Stagecoach Group plc, Northern
Foods Plc and most notably Standard Life Plc which has in excess of 1.5 million
shareholders.
Capita Financial Group: The business was affected by the drop in
valuation of funds under administration, the introduction of a new, market leading
IT platform and the increased cost of regulation. The resolution of the suspension
of the Arch cru funds is requiring considerable management attention and resources.
With improved processes and the completion of the IT migration this year, the business
is better placed for further growth. See
How we performed.
Acquisitions: The acquisitions of FMS (Netherlands) B.V., Capmark
and Fidei Fiduciaire S.a.r.l have increased the capabilities and expertise of our
Fiduciary and Trust Services businesses and are already delivering positive results
for the Group.
Disposals: At the end of the year we disposed of some of our loss
adjusting and associated advisory services.