Thomas Miller War Risks Services Limited provides the day-to-day administration services to the Members and Thomas Miller Investment Limited provides investment management services to the Club.
The Managers are remunerated by a single management fee, agreed with the Directors, which includes the fee for investment management.
The Managers provide the following services:
The Managers attend to the following matters:
- acceptance and processing of new entries
- claims handling
- preparing policy documents for the Board and drawing up the agenda for Board Meetings
- maintaining and managing the Club’s accounts and assisting the auditors in the preparation of the annual accounts, and the control audit report
- liaising with the regulatory authorities
- investing and managing the Club’s funds according to the Board’s investment policy
- making reinsurance arrangements, in accordance with Directors’ instructions
- negotiating QER reinsurance with the UK government, for approval by the Directors
- Member relations.
Underwriting services include:
- assessing Members’ requirements, with the aim of putting into place appropriate cover for each Member
- advising the Board on reinsurance
- maintaining a balanced overview of the Club’s overall financial position
- refining the cover offered to the best advantage of the Members
- dealing with cover required for ships trading in Additional Premium areas.
Any funds not immediately required to meet claims, expenses and outgoings may be invested as the Directors see fit (Article 10(B)). The income from this helps to reduce the charges levied on Members.
Investment is conducted by Thomas Miller Investment Limited, according to the Board’s investment policy.
The Investment Managers prepare and present an investment report for Board Meetings. At these meetings, the Investment Managers also outline a proposed investment strategy for the subsequent period for the approval of the Directors.
The investment team is subject to regulatory supervision by the Financial Conduct Authority (FCA) and to internal compliance procedures.