Compass Underwriting Limited

Contact Details

Location : London, England, United Kingdom

Location Detail

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Summary

Compass is a leading independent underwriting agency that develops, underwrites and administers insurance schemes for start-up insurance businesses and new insurance ventures.

Types of self-insurance and services provided :

Program Business

  • Underwriting / Program Managers
  • Reinsurance Intermediaries
  • Information Technology

Where we provide our services :

Domicile

Europe

Areas of Domicile

  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Faroe Islands
  • Finland
  • France
  • Germany
  • Gibraltar
  • Greece
  • Guernsey and Alderney
  • Hungary
  • Iceland
  • Ireland
  • Isle of Man
  • Italy
  • Jersey
  • Kosovo
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Macedonia
  • Malta
  • Moldova
  • Monaco
  • Montenegro
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Russia
  • Serbia
  • Slovakia
  • Slovenia
  • Spain
  • Svalbard and Jan Mayen Islands
  • Sweden
  • Switzerland
  • Turkey
  • Ukraine
  • United Kingdom
  • Vatican City State (Holy See)

Company Details

Our History

The Compass brand was created by a Lloyd's syndicate in 1986 and set itself up as a separate underwriting agency in 1992 and became incorporated in its present structure in April 1997. Wholly owned by the directors, Compass is chaired by Ortho Barnes who brings considerable expertise in the development of new businesses, underlining Compass' commitment to incubate start-ups in the insurance sector. Compass Underwriting is one of the UK's leading independent Accident and Health underwriting agencies working with a wide range of UK and European insurers including certain underwriters at Lloyd's.

Our Mission

Is to provide advice, insurer capacity, administration services, regulatory support and even financial investment for new company start-ups or those with established businesses which need to expand into new areas or opportunities.

We therefore specialise in white-labelling, product development, underwriting and overall administration of a wide range of insurance products on behalf of our insurers.

Our Systems

For customer facing sales we have developed, in partnership with F2X, a fully hosted and completely managed tool-kit that lets you create in-house a fulfilment system including quotes, policy issuance and premium collection services without the need for expensive programmers.

Compass then operates a sophisticated in-house CRM insurance system developed and maintained by Genasys Technologies that provided direct debit collection services, claims management and general accounting and bordereau reporting to insurers.

Compass operates in a fully virtual world with our data and VOIP phone systems managed by Microsoft in Ireland. We have business continuity plans in place that include external offices located outside the M25 and can be back up and running within 48 hours.

Experience and Expertise

Our expertise is focused on UK and International Accident and Health together with specialised product markets including insurance (and in some cases reinsurance) for:

  • Marine health insurance for crews
  • Marine abandonment cover in the event of owner insolvency
  • Personal Accident and Illness cover for companies and individuals.
  • Amateur and professional sports schemes
  • Debt waiver/Payment Protection Insurance
  • Commercial legal expenses
  • Confiscation protection to overseas properties
  • Medical Excess waiver products
  • Surgical protection and hospital cash products

Run-off Accounts

We also work in the UK retail run-off market able to provide administrative services including:

  • Full claims and premium handling services (depending on the class of business)
  • General management including MI and insurer and broker bordereau reporting

Our Status

Compass is authorised and regulated by the Financial Conduct Authority under Firm Reference No. 304908 and is a member of the British Insurance Brokers Association, the Managing General Agents' Association and Protect.

Our Registered office is Brierly Place, New London Road, Chelmsford. Essex CM2 0AP and we are registered in England under no. 3332314.

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