A Message From Our CEO, Edward Bruce

Hello Again

Firstly, and most importantly, I hope you are all well, both physically and mentally.

Welcome to our autumn newsletter, our periodical designed to keep you abreast of our news and activity in the UK insurance industry.

Most of you will know that in February this year, after 40 successful and happy years, Bruce Stevenson agreed to be acquired by the very well-respected broker, Aston Lark Limited, one of the top five Chartered Insurance Brokers in the UK. This decision was certainly not taken lightly, but we think it is the right one. Integration meetings are ongoing, and the emphasis is on ‘innovation not revolution’.

The Bruce Stevenson name and brand will remain and will continue to operate as a separate legal entity. Importantly, we are now the Scottish division of a larger organisation in Aston Lark. All our hardworking staff, including our management team and myself, remain with the business and your relationship with our staff will not change. All our offices will remain open, with our Glasgow office welcoming the Aston Lark team who are already operating in the city. In our newsletter, I speak to Aston Lark CEO, Peter Blanc, about our shared vision and ambitions.

► Newsletter contents

Trading Conditions in the Insurance Market

We are currently experiencing the trials and tribulations of a hard insurance market and even large experienced and established brokers must navigate the market shrewdly to acquire sensible premiums and terms for clients.

Current trading conditions have resulted in some renewals proving very challenging. We have sought to start the renewal process early and, where possible, place pressure on insurers to release terms earlier, especially if large rating increases are being applied.

In January, the business interruption test case brought by the Financial Conduct Authority (FCA) against insurers on behalf of policyholders reached a milestone. The supreme court threw out appeals from six insurance companies and largely supported the arguments made by the FCA and a policyholder action group. At the time of writing, settlement to those affected is still ongoing. We will continue to monitor the situation and give guidance on how we can progress matters and continue to support our clients.

Flexible Working at Bruce Stevenson

Throughout successive lockdowns, I have been extremely proud of the way the business has pulled together in such extraordinary circumstances. Our team is largely still working from home, with the flexibility to work in the office for those in need of working space and for team in-person collaboration. As the situation remains fluid, we continue to follow the Scottish Government’s safety advice and hope to start a phased return to our offices in the coming months.

Please rest assured we are fully open for business and keen to engage with you by all means of communication, including in-person meetings and surveys of your business premises and domestic properties. We have taken the appropriate risk management advice and we are comfortable with this approach, but we totally appreciate some people would prefer to avoid face-to-face meetings.

Looking After Health and Wellbeing

In December of last year, we chose to continue supporting SAMH (Scottish Association for Mental Health) as our Charity of Choice. SAMH has been a great charity to partner with during our successive lockdowns and I have been very impressed with the useful tips and guides they have been sharing with us.

Bruce Stevenson is firmly committed to maintaining a mentally healthy workplace, and SAMH has helped us to do that.

My Recovery

Following my accident and spine fracture last year I’m pleased to share with you that I am almost back to full fitness.

While my cycling days remain on hold for the moment I’m still following the sport and I was very proud to see Team GB topping the cycling medals table at the Tokyo Olympics.

Your Opinion Matters

Bruce Stevenson takes your opinions and comments incredibly seriously and I hope that if you have any observations, you will share them with me. My personal email address is [email protected]

CONTENTS

► Innovating by Collaborating

I speak to Aston Lark CEO, Peter Blanc, about their recent acquisition of Bruce Stevenson and our shared goals and values.

► Restructuring Our Renewable Energy and Power Team

Our Renewable Energy Divisional Director, Derek Skinner, unveils some exciting changes to our Renewable Energy and Power team.

► Supporting Scotland's Tourism

Derek Nicol, our hospitality Account Executive, speaks to Fiona Campbell, CEO of the ASSC, about the current challenges facing Scottish tourism.

► Interruptions to Supply Chains

Our Farms and Estates Account Executive, Jean Arnott-Glennie, looks at the impact of supply chain shortages on project planning and insurance.

► Engaging Children, Equipping Minds

We speak to the CEO of Hamilton College, Katie Morton, about managing a successful independent school.

► Protecting Your IP

Almost every business owns intellectual property, but breaching the IP rights of another can cost a fortune, even if it’s accidental. Our Account Executive, Phil Brown, unpacks an often misunderstood subject.

► International Scottish Icon

Eilean Donan Castle is one of the most iconic Scottish castles. Bruce Stevenson Director, Mark Richards, speaks to General Manager, David Win, about maintaining a famous location.

► Standing Up For Scotland's Mental Health

Now into our second year, we're proud to have SAMH (Scottish Association for Mental Health) as our charity partner, and it's a partnership that benefits both parties.