Osprey Underwriting Agency Ltd
Watson Buckle had been providing audit services to global marine insurance underwriting agent Osprey Special Risks Ltd for several years before the opportunity also arose to take on the audit of their holding company and fellow subsidiary Osprey Underwriting Agency Ltd, who are based in the City of London.
Osprey specialises in providing fixed-premium protection and indemnity cover for boat owners and those involved in shipping over shorter distances. It has proved to be very successful in its specialist line of work and is now the longest-established provider of such products, having been operating since 1991.
Partner Chris Padgett said: “The holding company and Osprey Underwriting Agency Ltd were audited by one of the top ten firms, and I had been speaking to the finance director of Osprey Special Risks Ltd, asking if we could do the same work for them down in London. It turned out they were not very happy with the service they were being provided with, and so they said they would be delighted to talk to us.
“They were initially concerned as to whether we had the capabilities and experience to deal with Lloyds insurance regulated markets.
“Not only did we already work with a number of insurance and underwriting companies ourselves, but we were also part of the MGI association, and one of our fellow members, Seymour Taylor, was part of the Hampden Group which specialises in the Lloyds insurance market, and we have direct access to their expertise if required.
“Our charges for the same audit and corporation tax work that they were previously having done gave them a saving of over £10,000. They are very happy with the work we’ve done and believe we have given them a more thorough audit at a much better rate.
“With today’s technology, it is far easier to keep in touch wherever you are – of course we did need to visit in person for the audit itself, but even with our travel and accommodation costs included, we were still able to offer the significant saving.
“Their Chief Executive Officer has now stated that he believes there are further opportunities for us down there because London firms tend to charge so much more money, and he will have no hesitation in recommending us to other owner-managed businesses in the insurance industry.”
Lev Osman, chief executive officer of Osprey Underwriting Agency Ltd added: “We were pleasantly surprised by the manner and professionalism Watson Buckle exhibited during their inaugural accounting audit of the Agency. Gillian was both thorough and sensitive to the operational environment of our commercial underwriting office and business environment.
“We remain highly impressed with their expertise and quite frankly they have outperformed their predecessors in every way.”
Mark Barnes, Mr C M R Barnes