Arthur J. Gallagher expansion in Australia benefits clients

By on February 7, 2015

1 DECEMBER 2014, Sydney – Arthur J. Gallagher has expanded its presence in Australia through the rebranding of OAMPS Insurance Brokers, following its acquisition of OAMPS in June this year

“From today we can provide Australian clients with a genuine alternative that is globally represented, nationally resourced and locally focused,” said Steve Lockwood, Managing Director of Arthur J. Gallagher in Australia and New Zealand.

“Since the acquisition in June, we’ve put a lot of thought into creating the right structure and leadership team to deliver the kind of nimble client response that Gallagher is known  for internationally. That groundwork is already paying dividends and our expanded presence across the country will ensure seamless delivery”.

Arthur J. Gallagher’s Australian footprint now covers more than 30 branches with close to 1,000 people servicing clients from small business owners through to multi-national corporates.

“Australia is a market with tremendous opportunity for Arthur J. Gallagher,” said Andrew Godden, Chief Executive of Gallagher’s Australian broking operations. “The industry expertise, local
knowledge and tailored solutions of our legacy operations have been strengthened and consolidated in a wide range of specialisations and risk areas”.

Arthur J. Gallagher’s branch in Melbourne is located at 289 Wellington Parade South, East Melbourne. Branch Manager Mathew Lethborg said, “We are proud to have a long heritage with CMPA and we’re delighted that Arthur J. Gallagher supports our local presence here. Our CMPA clients and the earth resources community will see our local relationships and our presence here continue, and we will also be able to draw on the global resources, expertise and capability of our new parent for our clients’ benefit”.

While the legal entity names have changed there will be no impact on clients as the underlying ABN number and operating license has not changed.

Business

PROTECT YOUR BUSINESS AGAINST HUMAN ERROR

According to industry specialist insurance broker Arthur J. Gallagher, today’s highly compliant and fast moving business environment has created some major exposures.

According to Arthur J. Gallagher Team Leader Ariete Jardim, “In the past, risk was measured on the probability of natural disasters or a one-in-five-hundred possibility of a serious accident. The
current focus however is on fines and penalties against companies breaching the law, theft or fraud by people in positions of trust and directors and officers being held personally liable.”

There has been an escalation of losses generated through human error, for example the inappropriate behaviour by David Jones’ Chief Executive, the unfair dismissal of the Herald Sun editor and
the $20m theft by the accountant of Clive Peeters which forced the company into receivership. In each of these examples it is the actions of key decision makers which have caused serious
financial loss.

Management liability insurance will reduce the effects human error could have on your business. When a breach of company law or regulation is alleged, the focus is on the conduct of the manager
and the company. Directors are now affected by more than 2,000,000 references under federal, state and local government law. While a claim might be unfounded, time and money can still be spent defending it successfully.

“Litigation can have a devastating impact on a company’s bottom line which in turn will impact both owners and employees. If a claim is made against you or your company it is vital to have access to experienced legal representation to ensure a good defence strategy is implemented”, advised Marina Thunyin, Arthur J. Gallagher Account Executive.

Management liability insurance is specifically designed for private companies and combines several policies to provide cover for a range of exposures.

KEY AREAS OF COVER INCLUDE:

  • Audits – for audits by ATO and WorkCover
  • Company liability – for mismanagement claims against the company
  • Company reimbursement – for the mismanagement claims against the directors and officers where they are indemnified by the company
  • Crisis containment – for costs associated with public relations to prevent financial loss and defamation through bad press
  • Directors and officers liability – for mismanagement claims against the directs and officers where they are not indemnified by the company
  • Employment practices liability – for claims made by employees relating to sexual harassment, discrimination or unfair dismissal
  • Fidelity guarantee – for direct financial loss caused by employee dishonesty
  • Statutory fines – for fines and penalties from government authorities for example OHS and environmental law breaches
  • Superannuation trustees liability – for mismanagement claims relating to the staff superannuation fund

Talk to your insurance broker for the most efficient way to find management liability cover for your specific needs with a competitive premium.

Contact Marina Thunyin on 94121307 or Ariete Jardim on 94121332
Arthur J. Gallagher & Co (Aus) Limited AFSL 238312. To the extent that any material in this document may be considered advice, it may only be considered general advice as it does not take into account your personal objectives, needs or financial situation. Arthur J. Gallagher urges you to read the relevant policy wording and consider whether any products are appropriate for your situation before making a decision to acquire insurance.

About enquiries@cmpavic.asn.au

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