Contents. Page. Chairman s Pledge 1. About Us 2. Company Overview 4. Our Business Organisation 5. Companies Structure 6. Company Time-Line 8

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2 Contents Page Chairman s Pledge 1 About Us 2 Company Overview 4 Our Business Organisation 5 Companies Structure 6 Company Time-Line 8 Our Credentials 9 Resumes 10 Our Service 11 Network Partners

3 Chairman s Pledge Mr. Salv Mifsud Bonnici Chairman, FirstUnited 1. All our client responsibilities will be managed and supervised by insurance personnel that surpass MFSA registered insurance broker criteria; 2. All other client insurance facing staff will have a minimum skill equivalent to the Certificate of Insurance of the Chartered Insurance Institute. Those staff members who have not achieved this know-how will either be in the process of sitting for these examinations or have proved their equivalent knowledge by written test; 3. All staff will devote their full time and energy solely to our insurance broking and management business to ensure that our duties of care obligations to our clients are correctly discharged without conflict of interest; 4. All our advice and business dealings on behalf of our clients will place the needs of our clients before the needs of insurers to ensure that our client s interests come foremost; 5. We will at all time act with utmost good faith towards our customers and insurance partners and with integrity in all our other activities. We will be active participants in all insurance industry matters representing our client s interests and furthermore act in a responsible and ecologically sustainable manner; 6. Our accounting service will be managed by a single team responsible to manage all accounting, money and regulatory obligations of the company; - 1 -

4 About Us WHO ARE WE? Mr. Peter Grima Executive Director FirstUnited is Malta s leading insurance intermediary group operating in Malta and under Freedom Of Services throughout the EU. Through our dedicated team of 40 full-time insurance specialists we handle gross premiums in excess of 12.5 million generating annual revenues of over 1.5 million. Our insurance skills and resources are by far the strongest and deepest in the market. Our in-house training programmes have been designed to conform to standards set by the Chartered Institute of Insurance with the aim to maintain the highest level of continuous professional development. WHAT DO WE DO? We provide a focused and specialized insurance broking service acting as advocates for our customers in the design, purchase and delivery of their insurance needs. We assist our clients submit valid claims under their policies and are increasingly being requested to provide risk management advice designed to avoid or prevent loss. In addition our insurance management services assist those client s interested in using insurance more effectively as part of their business plans and models. Here we provide an integrated insurance design, underwriting and claims handling service including full back office, accounting and company secretarial services for these clients. We handle over 2,000 claims per annum for our clients of which approximately 55% of these originate in Malta with the balance occurring in all four points of the globe. Out of our 40 staff we have 30 team members engaged full-time on the different insurance broking needs of our clients with 5 full-time specialists focused 100% on advising and assisting our clients on their claims requirements

5 WHAT DO WE STAND FOR? We use our insurance skills, the volume of premium we place with insurers and our unrivalled contacts in the local, London and European markets to give value and business advantage to our clients. Maximising the contribution of our people by developing their skills and managing and deploying this resource to the benefit of our customers small or large is our sole goal and purpose. This collective skill produces value for our clients and is the edge our clients obtain by appointing FirstUnited as insurance brokers for all their insurance needs. To this insurance and intellectual skill we add our considerable financial, insurance and technological resources to help our clients re-engineer their total cost of risk to better control their bottom line - and make a more positive contribution to corporate results. OUR RESPONSIBILITIES Most of our clients empower us by placing a broad insurance programme responsibility on us. This means that they expect us to advise and assist them to design, construct, negotiate, purchase and maintain their insurance protection programme. Depending on the client s choice and of course on whether or not we accept the appointment we then have a duty of care and a responsibility to the client. These responsibilities are in most cases built up over the years and are customarily understood to be the broker s responsibility

6 Company Overview CONFIDENCE By using our professional specialized insurance services your organisation obtains value from our commitment, expertise and clear duty of care to our clients. These services ensure that you enter into insurance contracts and negotiate claims with confidence, secure in the knowledge that Malta s leading insurance intermediary is advising and assisting you to obtain results. OVERVIEW FirstUnited are owned and led by some of Malta s leading insurance professionals whose combined experience stretches over 80 years. We are arguably Malta s leading insurance intermediary with a combined premium portfolio in excess of 12,500,000. This premium volume is supported by the numerous quality client relationships built up and maintained over the years. TRUST AND CONTINUITY Moreover our proven track record of success and quality client base supports our reputation built up over the years on the traditional concepts of trust, personal service and integrity. Our experience, dedication and attitude to service are the most valuable assets we offer. We pride ourselves on speed, teamwork and detailed execution of the various services we provide. To achieve this we encourage close personal contact with our clients permitting us to customise insurance programmes to our client s individual requirements. CLIENT FOCUS In this way we link the specific needs of our client with the generic products offered by insurance companies. We are regarded as Malta s top performing broker in terms of service and innovation

7 Our three operating divisions or business units are centered around the needs of our clients: CORPORATE BROKING PERSONAL AND SME LINES INTERNATIONAL BUSINESS Our Business Organisation Our Corporate Broking business unit provides bespoke insurance broking services in all classes of insurance ranging from life to property and from liability to marine to our growing list of corporate clients. These firms are leading private or public institutions, household names in our market, who each demand an individualised and personalised service. They seek professional advice and assistance on their risk protection needs and then also demand that their customised requirements are dealt with efficiently and at a competitive market price. Our Personal and SME Lines Business unit on the other hand provides the benefit of our volume and efficiencies to provide cost effective products to clients who need solutions to their personal risks or the risks that a small and medium sized enterprise is exposed to. Here FirstUnited use its organisational and technical insurance skills to bulk buy products at advantageous terms and pass these benefits back to our clients. Our International Business unit provides Corporate broking services to our international clients situate in Malta, and other EU countries under Freedom Of Services. This unit follows Maltese multinationals overseas and also develops direct book of business outside Malta. Complementing this International Corporate responsibility the unit also provides insurance management services to multinational corporate or affinity group clients

8 Company Structure Issued & Paid Up Share Capital 420,000 Company Registration No. C22502 Professional Indemnity Auditors Bankers Membership 5,000,000 any one occurrence PricewaterhouseCoopers HSBC Bank (Malta) plc The Association of Insurance Brokers The Institute of Financial Services Practitioners The Malta Chamber of Commerce, Enterprise & Industry Head Office: 25, Villa Eden, Princess Elizabeth Street, Ta Xbiex, XBX 1103, Malta. Tel (+356) Fax (+356) Branch Offices: Mican Court, J K Kennedy Square, Victoria, VCT 2580, Gozo. Tel (+356) Fax (+356)

9 Company Structure Issued & Paid Up Share Capital 120,000 Company Registration No. C30783 Professional Indemnity Auditors Bankers Membership 5,000,000 any one occurrence PricewaterhouseCoopers HSBC Bank (Malta) plc The Institute of Financial Services Practitioners The Malta Chamber of Commerce, Enterprise & Industry The Malta Insurance Managers Association Head Office: 25, Villa Eden, Princess Elizabeth Street, Ta Xbiex, XBX 1103, Malta. Tel (+356) Fax (+356)

10 The Company s Time Line 1988 United Insurance Brokers Ltd established and licensed. Globe Insurance Brokers Ltd established and licensed Globe Insurance Brokers Ltd acquire Mizzi Insurance Agency Ltd First Retirement Planning Ltd established and licensed. Name changed to First Insurance Brokers Ltd and moved to offices in Ta Xbiex United Insurance Brokers Ltd moved to offices in Ta Xbiex. United Insurance Management established and licensed by MFSA. United Insurance Management Ltd changed its name to FirstUnited Insurance Management Ltd Merger of the two firms in April 2006 with name change to FirstUnited Insurance Brokers Ltd. First Retirement Planning s name changed to FirstUnited Investments FirstUnited Insurance Brokers Ltd starts operating under Freedom Of Services in all 27 EU States. First Retirement Planning s portfolio taken over by FirstUnited Insurance Brokers Ltd

11 Our Credentials Our client list is a clear indication of our ability as your Insurance Brokers to add value to your business. The selection of leading firms who have placed their confidence in our skills and resources is our hallmark of success and your guarantee of valuable service: Midi plc Mizzi Organisation Port Workers Pension Fund Paolo Bonnici Group Big Bon Group Volksbank (Malta) Ltd FXB Group of Companies Camilleri Group of Companies Body Shop and Accessorize (Italy) Malta Freeport Corporation Malta Freeport Terminals Lombard Bank plc Mellieha Holiday Centre DAN Europe Foundation Fimbank Ltd Corinthia Group of Companies Express Trailers Ltd Aero Maritime (Malta) Ltd Concorde Shipping Ltd M. Demajo Group of Companies BAT Malta Ltd De La Rue International Medichem Ltd Combino Pharm Ltd Gollcher Co. Ltd Attard & Co Ltd John Ripard Group Smart City (Malta) Malta Dockers Union Playmobil Malta Ltd. Malta Chamber of Commerce, Enterprise and Industry; Glaxo Smith Kline PSA Peugeot (Malta) Ltd - 9 -

12 Resumes of Executive Directors & Management The Executive Directors: Salvino Mifsud Bonnici Board Chairman and Executive Director responsible for Finance, Administration and Personal / SME Business units of FirstUnited Insurance. Past President of the Association of Insurance Brokers and one of the founding shareholders of First Insurance Brokers Ltd. Previously Executive Director and General Manager of one of Malta's leading insurance operations. Mr. Salv Mifsud Bonnici Mr. Kevin Galea Pace Mr. Peter Grima Peter Grima Executive Director responsible for International business and Managing Director of FirstUnited Insurance Management Ltd. The current Chairman of the Chamber of Commerce and Enterprise Internationalisation Unit and the founding shareholder of United Insurance Brokers. A Fellow of the Chartered Insurance Institute and a Chartered Insurance Practitioner. Kevin Galea Pace Executive Director responsible for Corporate Business Solutions. One of the founding shareholders of First Insurance Brokers and previously in a senior management position with one of Malta s leading insurance operations and Director in group specialist companies. An Associate of the Chartered Insurance Institute and a Chartered Insurance Practitioner. Julian Boffa Office Manager at FirstUnited Insurance Management Ltd and consultant on Marine & Aviation insurance risks. Previously responsible for the Marine & Aviation department of another leading insurance broker. Jean Portelli Office Manager at FirstUnited Insurance Brokers and previously Manager of the General Business Claims department of one of Malta s composite insurers. He holds a diploma in Management

13 Our Service As an enrolled Insurance Broker we are required to abide by strict codes of conduct. The Malta Financial Services Authority oversees our activity as insurance brokers as well as the systems and procedures we have in place to ensure our independence, professionalism, integrity and financial standing. To ensure that we discharge these obligations we have implemented a policy of obtaining an insurance broker s registration for all staff members who we believe meet the MFSA criteria. In fact no other broker in Malta employs as many registered insurance brokers as FirstUnited do. Our operational activities are directed and managed by the Board of Executive Directors and even here it is safe to say that the experience and professional skills of our Board is unequalled in the local market. TECHNOLOGY AND COMMUNICATION Technology enables us to improve the quality of our services to clients and ensure that we communicate effectively and efficiently. Our constant capital investment to upgrade our computer software and our robust systems provide real time management and client information to all company users. In this way we can comfortably state that each department and business unit has on line access to all company client data ensuring teamwork that in turn is deployed to our client s benefit PLACING INSURANCE We maintain an on-going relationship with insurers and continually assess their ability to meet customised needs. Insurers are chosen on the basis of their reputation for a sensible outlook and a helpful claims department, their financial stability and first rate security. Depending on market conditions and our client s loss history we are able to gauge current market price and negotiate proactively with insurers on client s behalf and in their best interests

14 INSURANCE REGISTER We maintain a register of insurances for all clients and a customised register for corporate clients. These reports help us jointly identify whether sums insured, limits or covers need to be reviewed or changed. ANNUAL REVIEW We review your insurance programme annually to ensure that the correct covers remain in place at the most realistic premiums. CLAIMS SERVICE We consider the efficient control and management of claims to be one of the most important keys to success. Our claims management experts are an integral part of our client servicing team, playing an active role in interpreting policy wordings, setting up claims procedures according to individual client requirements, and negotiating with insurers. A co-ordinated approach ensures that when a claim event does occur all parties are in a state of readiness, knowing who to contact and what steps to take. Early involvement of the claims team facilitates efficient loss notification and adjustment, leading to prompt and fair settlement of claims. This in turn helps to minimise any delays and the adverse financial consequences these may bring

15 CLAIMS SERVICE We can also provide a specialist claims consultancy service. This can be made available in circumstances where a particular claim merits extremely close liaison with the parties involved over a period of time. We can provide a senior member of the team to work exclusively on the claim for extended periods, and work may include: co-ordination of surveyors and other professionals required to submit the rationale and quantum behind the claim selection of an appropriate legal team attendance at conferences with legal professionals extensive negotiations with insurers and clients. This exceptional consultancy service and more general claims services can be provided in conjunction with or separately from the arrangement of the insurance programme

16 Network Partners with Willis International When it comes to managing risk, today s global businesses clamour for creativity and insight. Yet most brokerages go on as before, churning out the same tired solutions. FirstUnited Insurance Brokers are the local correspondents for Willis Global Network Practice who are one of the leading global insurance brokers and risk managers. Willis employs 20,000 Associates positioned in 400 offices across 100 countries. This gives us a unique advantage that allows us to offer a truly worldwide network, combined with outstanding local service and expertise. It s a unique double advantage, offering you: Customized solutions, tailored specifically to your business needs and regional circumstances. A world-class network of resources, to strategically transact and place your risks in the global market place. This special business relationship allows us to be proactive and innovative solving issues, opening doors of opportunity, and leveraging market relationships in order to deliver the latest insightful solutions. As a result, clients feel confident that they re working with a progressive partner one that's committed to advancing performance, and changing the face of the industry

17 Willis at a glance Delivering global resources locally to clients under One Flag Willis Global Franchise Founded in 1828, Willis is the world s third largest insurance broker $ 2.6 billion 2007 Revenues More than 400 offices in over 110 countries, including affiliated members Approximately 20,000 Associates, including Gras Savoye and HRH Business segments (HRH excluded): o Global (31%) includes Global Specialties & Reinsurance o North America (30%) Provides Risk Management, Related Risk Services, Employee Benefits Brokerage and Consulting o International (39%) Serves retail clients in 100+ countries worldwide. Services and Clients Retail Services Risk Management Insurance Brokerage Related Risk Services Employee Benefits Brokerage & Consulting Willis Re Global Specialties Aerospace Construction Marine Energy Financial Institutions Executive Risk Niche Specialties