About Tradex Insurance Services
About Tradex Insurance Services
Tradex Insurance Services is a trading name of Clegg Gifford & Co Limited - a well-known national motor trade insurance broker and a key part of the Clegg Gifford Group. Motor Traders up and down the country consistently choose to deal with Tradex insurance Services for its expertise in all aspects of the motor trade - from mechanics, to dealers, from large workshops, garages and showrooms right through to specialist trades and even those trading from home on a part-time basis.
The Clegg Gifford Group
Founding - Clegg Gifford (CG) was founded in 1968 as a general insurance broker, and later acquired status as a Lloyd's broker giving them access to unique markets and able to place specialist risks.
Where we are today - Today CG maintains a broad spectrum of both personal and commercial insurance products and is a well-known broker in the UK Insurance Industry, with a national clientele and a heritage in the motor trade.
Brokers - Historically CG has always written the majority of its business directly with the public, but since the purchase of the wholesale arm of Tradex Insurance Co Ltd. has developed a strong wholesale identity – providing non-Lloyd's brokers with access to Lloyd’s facilities, as well as being able to place business under its various binders.
50 years - CG is currently celebrating its 50th anniversary and looks forward to the next fifty years of working with our customers and building great new relationships, as well as welcoming back long-standing clients who we have been proud to serve over the last half century.
Westminster insurance is a trading name of Clegg Gifford & Co Ltd. and celebrates its 70th birthday this year. Westminster provides a long-standing appointed representative network with a national footprint throughout the UK.
In December 2014 CG purchased the Westminster insurance brand and book of business from Tradex Insurance Co Ltd. which included its nationwide network of 40 tied appointed representatives.
In December 2016, CG purchased the wholesale insurance arm of Tradex Insurance Co Ltd. This included nationwide relationships with 800 insurance brokers. The business was primarily motor trade, but included some fleet, family fleet, personality and commercial vehicle business.
These key acquisitions have helped turn CG into the large scale broker they are today dealing with brokers and clients alike, across a range of products.
CG is a family owned company with Roy Clegg the majority shareholder. There are common shareholders between Clegg Gifford and Tradex Insurance Co Ltd. Tradex Insurance Co. Ltd. operates a binding (delegated) authority with Clegg Gifford which allows CG to underwrite under Tradex’s control, administer policies, handle complaints and manage claims.
Common Majority Shareholder between Clegg Gifford & Tradex Insurance Company
Customers should note that for some motor products we may use Tradex Insurance Company Limited (Tradex). Tradex is authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and PRA. Financial Services Register no. 202917. Tradex and Clegg Gifford have a common shareholding, with Roy Clegg owning the majority of shares in both companies. Any conflicts of interest that arise from this are dealt with within Clegg Gifford’s Conflicts of Interest policy and other associated documentation. Furthermore to ensure separation at a governance level, there are no common directors between either company, to maintain independence of both. We welcome any enquiries regarding this longstanding association between both companies. From December 2019 Clegg Gifford took a direct stake in Tradex and is now a minority shareholder in the company owning 15% of Tradex Insurance (Holdings) Ltd, which owns Tradex Insurance Company Ltd.
CG are remunerated via commission on the products it sells on behalf of insurers. We may also apply fees on administrative work carried out on your policy. In addition to this, based on performance (usually via posted loss ratios that are calculated via actuarial analysis after a period of time - usually 3 years) CG has some agreements where performance affects the total commission payable - which can either increase the commission payable from a carrier or decrease what CG earns based on posted loss ratio on the account. The renumeration level is usually in line with the actions carried out on behalf of the insurer. The greater the level of work required, e.g. accounts, marketing and claims handling and delegated actions via binding authority - usually the greater the commission received. This can range from 10% on some motor products to 35% on some specialist commercial lines for the London and Lloyds market.
We want to be:
- A well respected independent broker with sustainable capacity, who work alongside insurers to service niche customer requirements in as flexible manner as possible. We want to provide solutions for both insurers seeking a sustainable, professional and knowledgeable broking distribution partner and also onwards access to customers who require bespoke policies to fit their unique circumstances.
- A company of dedicated individuals who are long-serving and undertake their work; diligently, productively and correctly.
- A company that grows and nurtures talent and provides a good livelihood for its employees with a good path to progression.
- A company that has a growth mind-set and is agile enough to pursue opportunities, work hard, fast and smart to become one of the top 50 largest brokers in the country.
From Humble Beginnings...