Conflicts of Interest Declaration
The interests of our clients always come first. MIB has a duty to adequately manage any actual, apparent or potential conflicts of interest that may arise in connection with its insurance and reinsurance broking business.
A conflict of interest arises in circumstances where some or all of the interests of clients to whom MIB or its representatives provide insurance and reinsurance broking services are inconsistent with or diverge from some or all of the interests of MIB or its representatives.
To comply with our obligation to manage conflicts of interest we believe it is important to disclose the following information to you:-
- MIB is part of the group of companies ultimately owned by Nest Investments (Holdings) Ltd ("Nest Group").
- Nest has extensive direct insurance and reinsurance underwriting interests located in the Middle East and North Africa, the principal reinsurance company being Trust International Insurance and Reinsurance Company B.S.C. © in Bahrain ("Trust Re").
See www.nestco.org and www.trustre.com for more details.
- MIB may from time to time place business with, use the services of or refer you to other companies that are part of the Nest Group.
- Some Non-Executive Directors of MIB hold directorships, statutory and other positions in more than one company in the Nest Group.
- Your insurance or reinsurance risks may be placed in all or part with companies in the Nest Group. In all such instances we will disclose to you that your coverage is placed with such companies.
- MIB earns income on a commission basis (i.e. a percentage of the premiums) which varies by the class and type of insurance or reinsurance. MIB does not receive any benefit from Nest Group companies that is different to that received by any unrelated third party providing the same service. The commission rates are agreed on an arms length basis (i.e. as if we were dealing with any unrelated third party) and are similar to those received from other insurers and or reinsurers.
- MIB does not operate a preferred panel of insurers but operates on an open market basis in order to search the market for best terms and conditions for our clients.