UKEF Political & Credit Risk Insurance Framework

The full specification is provided with the contract documents but in summary UKEF intends to put in place a Framework for the provision of services:

• Lot 1: Provision of Insurance Brokerage Services

The Authority is seeking the provision of an insurance brokering service. The Authority envisages entering into framework agreements with two brokers: a Primary Broker and Reserve Broker.

The Authority will utilise the services of the Reserve Broker in the event of a conflict of interest or suspension or termination of arrangements with the Primary Broker.

The Primary Broker shall perform the Services:

• Insurer relationship management.
• Market soundings.
• Arranging the placing of new Contracts of Insurance with Lot 2 Political and Credit Risk Insurers.
• Managing communications and endorsements relating to new Contracts of Insurance Political and Credit Risk Insurers. The typical profile of the insurance policies is (but not limited to): Political and credit risk, generally involving counterparties outside the UK; Facultative insurance policies (although the Broker may be required to arrange other forms of insurance e.g. reinsurance and treaty insurance); Sums insured typically between £10m and £500m; ; insurance tenors typically between 5 and 15 years; Transactions and Premiums typically denominated in US Dollars or Euros;
• Claims and recoveries.

Call off contracts under Lot 1 for arranging the placement of new Contracts of Insurance with Lot 2 Political and Credit Risk Insurers (c.3 per annum) will be made through the direct award procedure as detailed further in the contract documents.

• Lot 2: Insurance panel.

The Authority is seeking the provision of contracts of insurance or reinsurance. Bidders appointed to the panel will enter into Framework Agreements with the Authority. Further transactions may follow as and when required by the Authority, over the term of the Framework Agreement. The Authority will seek the provision of insurance through a Further Competition Procedure which will be led by a Lot 1 Broker.

Contracts of insurance placed under Lot 2 will be made through the further competition procedure as detailed further in the contract documents.

*Note that £250m is the maximum anticipated spend. The actual spend is expected to be between £50m and £250m depending on requirements.

UK Export Finance (the “Authority”) has a requirement for the provision of brokerage services and contracts of insurance or re-insurance principally for political and credit risk.

The purpose of this Contract Notice is to invite potential suppliers to either:

a) tender for a Framework Agreement for insurance brokerage services in competition in accordance with the conditions set out in the Invitation to Tender on the eTendering Portal: uktrade.app.jaggaer.com ↗; or

b) tender for a place on a panel of Insurers (including Reinsurers) in accordance with the conditions set out in the Invitation to Tender on the eTendering Portal: uktrade.app.jaggaer.com ↗

The services delivery model consists of two lots:

• Lot 1 Insurance brokerage services

The Authority intends to appoint a Primary Broker and Reserve Broker

*Lot 2 Insurance panel

Appointment to the panel is restricted to those bidders which meet the stated Selection Criteria and other conditions set out in the ITT.

Affiliates of the Primary Broker will not be accepted

*Note that £250m is the maximum anticipated spend. The actual spend is expected to be between £50m and £250m depending on requirements.

Political & Credit Risk Insurance Framework (Lot 1: Brokerage, Lot 2: Insurance) agreement.