2020 has certainly been a challenging year in so many ways. The Gallagher Insolvency & Turnaround (Gallagher I&T) team understands the immediate impact to the insolvency profession from the Federal Government’s insolvent trading relief being extended to the end of 2020 along with the proposed legislation reforms to the insolvency regime. Here’s how we’re preparing to support and assist our insolvency professional clients.
During these challenging times in 2020, Gallagher I&T has been focusing on the following in preparation for 2021 and beyond by
- completely overhauling our internal systems and procedures to unlock time and cost efficiency for our clients.
- continuing to invest in new staff in 2020 and fast tracking development of their insolvency insurance knowledge, including participation in the ARITA Introduction to Insolvency Program.
- continuing to enhance our automatic insurance cover parameters, introducing new insurers and new product lines to our facility for a broadened scope, and continued promotion and education of the insolvency profession to a range of insurers.
Our insolvency expertise
Our team was originally formed as Blue Insolvency in 2009 and the business was acquired by Gallagher in late 2014. Many of our staff have been providing insolvency insurance services to the profession and have many years of experience in the sector.
Gallagher I&T has been an embedded and invested member of the insolvency profession since our team’s formation in 2009 and has shown considerable commitment and support to the profession right through this period.
We provide best practice insurance solutions for our clients and we are also regularly engaged by ARITA and ASIC for input into technical queries related to regulatory guides impacting the insolvency profession.
- 23+ full time insolvency insurance staff right across Australia.
- 142+ years of insolvency insurance experience and 350+ years of general insurance experience amongst that 23+ full time staff.
- 56,000+ appointments managed since 2009 (formal insolvency and also direct engagements from banks/financiers).
- Currently a Platinum National Partner of ARITA and have been a sponsor and supporter since 2009.
- Sponsor and supporter of many other member organisations and also clients' own conferences and functions.
- Expanded our insolvency insurance division into New Zealand and more recently Singapore, where we are either the dominant or sole service provider in those markets.
- Our team has been the architects behind many enhancements to automatic insurance cover facilities in Australia, while also creating facilities in New Zealand and Singapore.
- Introduction of multiple new insurer partners to the insolvency insurance profession, both within our automatic insurance cover facility and also professional indemnity insurance for insolvency practitioners.
- Developed industry first bespoke insurance solutions for Safe Harbour services; transactions in an insolvency appointment; and litigation insurance products tailored for insolvency appointments.
Benefit from our expertise
We are a hardworking, efficient and committed team, it’s in our DNA. Gallagher I&T remains committed to supporting the insolvency profession well into the future, through changing conditions and challenges.
Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general information purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient’s industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers’ control.
Insurance brokerage and related services to be provided by Arthur J. Gallagher & Co (Aus) Limited (ABN 34 005 543 920). Australian Financial Services License (AFSL) No. 238312