The insurance intermediary landscape is diverse and constantly evolving. At one end of the spectrum, new insurtech start-ups are revolutionising pockets of the market – while at the other end of the scale, continual consolidation means that larger firms keep getting bigger. A successful insurance intermediary can be a very profitable, cash generative and stable business which makes it attractive to own, and equally attractive to invest in and lend to.
There are significant and ever-increasing pressures on management teams running insurance intermediaries. Whether it is competition from other firms for customers and staff, relationships with insurers, or keeping on top of regulatory or legislative requirements or IT issues, there is never a quiet moment. This means management teams need to be hands on; owners need a broad range of skill sets.
Specialist expertise
Why do people choose us? Because having PKF as a business partner will give you access to a team that understands the issues that insurance intermediaries are facing.
Insurance intermediaries rely on our advice for statutory audit, client money reviews and independent operational insight. Our tax experts understand the importance of compliance and beyond and we can help you if you are looking to incentivise your people or are buying or selling a business.
All our services are provided by our insurance intermediary specialists which means you are always advised by people who understand your business.
A global industry, a local business
Insurance is a global industry and we act for many businesses with global links. A UK firm might look to set up an international business with a substantial UK presence and our UK team will work alongside our international network of offices to give you the advice you need.
Sharing our knowledge
Our team spends a significant amount of time staying on top of emerging issues. We share our knowledge through webinars and seminars, guides on current topics and a regular newsletter for the insurance intermediary community. Our annual programme of events for senior management and financial professionals is built around the issues affecting the sector. We work hard to deliver a programme that adds value, enhancing our clients’ knowledge and improving their understanding of the issues. We also share our knowledge through guides that provide more detailed analysis of the issues and opportunities affecting the sector. Our insurance intermediary team are members of four insurance intermediary market trade bodies, support the work of the CII and are members of market liaison panels at the FCA.
Broker resources
Download our guides, templates and other useful resources:
- Client money calculation
- Example of a client by client calculation to comply with CASS 5.5.69
- Treatment of insurance balances under FRS102
- TOBA register template
Our industry leading team are on top of accounting, tax and regulatory issues affecting your business. We share our knowledge through our quarterly in-person Broking Breakfasts, webinars to watch at your convenience, guides on current topics and a regular publication for the insurance intermediary community.
Our services
Our insurance intermediary specialists provide a wide range of services, including statutory audit, client money reviews, transaction advisory, tax compliance and support, environmental, social and governance (ESG), and governance, risk and control. Beyond assurance services, we also offer an array of accounting advisory and regulatory services.
Accounting advice
With significant consolidation in the market and the prevalence of external investors, financial reporting for the insurance intermediary sector is becoming more complex and ever-evolving with additional reporting requirements.
How we can help
- Adoption of UK GAAP amendments
- GAAP conversions
- Accounting opinions – including financial instruments, revenue recognition, regulatory changes and share-based payments
- Assistance and review of complex financial statements and disclosures
- Accounting technical training
Accounting for M&A
The UK insurance intermediary sector continues to evolve, shaped by market dynamics, political uncertainty and changing economic conditions, but confidence in the sector remains high. M&A activity remains buoyant and transactions continue to be buoyed by a combination of robust demand for insurance services and attractive valuations.
How we can help
- Acquisition accounting and business reorganisations
- Accounting advisory within transactions
- Full suite of due diligence
- Valuations
- Tax advisory and structuring
- Financial modelling
Regulatory reporting support
Insurance intermediaries are experiencing an unprecedented era of regulatory change and are now managing a host of accounting treatments, changes in financial reporting standards, evolving markets, and more. The need for regulatory compliance and transparency for both regulators and stakeholders has never been more important.
How we can help
- RMAR submissions, reporting and training
- TC2.4 modelling
- Wind-down planning
- CASS advisory and training
