Headquarters Address: One America Square, 17 Crosswall, London EC3N 2LB, UK
Profit: £170 million (according to 2018 annual report)
Size (employees): 200+
UK Locations: London, Bedfordshire, Suffolk
Underwriting Expertise: Business insurance, risk management
Key People: Group CEO: Paul Chainey
About Miles Smith
The Miles Smith Insurance Group develops and underwrites general and specialist insurance products for niche and high-risk markets. It operates in four segments: business insurance, industry solutions, claims management, and risk management.
Miles Smith’s business insurance products include buildings insurance, contents and stock, contingency, contract works, contractors all risks, crime, cyber, directors and officers, employers’ liability public liability, product liability, employment practices liability, environmental impairment liability, goods in transit, jewellers’ block, landlord’s contents, latent defects, legal expenses, legal indemnity, loss of license, machinery and plant, marine cargo, material damage and business interruption, medical malpractice, motor fleet, personal accident and travel, professional indemnity, property owners’ combined insurance, terrorism, trade credit, and trustee indemnity.
Its industry solutions include asbestos removal and surveying; building and engineering services; co-operatives; construction; education; haulage; manufacturing; motor trade; nightlife, leisure, and entertainment; private ambulance; property owners and developers; roofers and scaffolders; waste, recycling, and reuse; and retail.
Miles Smith’s claims management team combines customer services with a wide variety of products that can improve the claims process from notification to completion.
The company’s risk management business helps companies by enhancing their operational effectiveness, improving business performance, creating employee engagement, and developing their resilience.
The Business Continuity and Risk Management (BCARM) online system offers business continuity management, environmental support, health and safety management, legal and employment support, and eLearning. It can be used across the business for risk control, transparency, and accountability.
History of Miles Smith
Miles Smith was founded in 1925 to underwrite and create insurance products for niche markets and high-risk sectors. In 1936, it was incorporated as a Lloyd’s broker named Harding Anderson and Game Limited.
In 1965, RJ Miles and CS Smith acquired Harding Anderson and Game Limited and renamed it Miles Smith, Anderson, and Game Limited. In 2000, Miles Smith group CEO Paul Chainey redeveloped the company to adapt to market changes.
In 2016, Miles Smith partnered with Co-op Insurance to offer packaged products to small and medium-sized businesses that require cyber cover or have specific one-off insurance requirements. They also started providing tailored solutions to large companies and organisations, particularly those in the building trades, landlord, retail, and hospitality sectors.
In 2018, the company launched a new risk management product on the Acturis platform with the help of Lloyd’s broker Miles Smith London Market Broking. The product, Early Intervention Scheme (EIS), provides access to treatment for workers who cannot report due to physical injury, depression, anxiety, or stress.
In the same year, private equity and credit manager Pollen Street Capital acquired Miles Smith. It merged the company with two intermediaries: The Underwriting Exchange (TUE) and its sister company London Ireland Market Exchange (LIME).
Leadership at Miles Smith
Paul Chainey – Group CEO
Chainey became a client of Miles Smith before he joined the company in 1994. He has since held various positions in the company until he stepped up to the chief executive officer role in 2000.
As the chief executive officer, Chainey is the principal contact for the FCA and is responsible for Miles Smith’s restructure, overall performance, strategic direction, and fiduciary duties.
Culture at Miles Smith
Miles Smith is committed to conducting sustainable business and giving back to local communities through sponsorships and charity work. Its corporate social responsibility (CSR) initiatives focus on five areas: customers, employees, suppliers, local communities, and the environment.
The company supports its customers by providing insurance products and solutions as well as high-quality service based on the Financial Conduct Authority’s “Treating Customers Fairly” initiative.
It supports its people by creating a culture of inclusion and diversity, providing access to training to develop the employees’ full potential, and encouraging them to volunteer or fundraise for charities. The company is also committed to protecting its reputation by avoiding collaborations with organisations that do not share its commitment to dealing with stakeholders fairly and ethically.
Miles Smith gives back to local communities by supporting employees who volunteer and create fundraising events. It has established a multi-year partnership with food distribution charity FareShare, which redistributes surplus food from the UK food and drink industry to local communities. The company has also provided insurance solutions to the recycling and waste industry for more than 25 years.
Miles Smith also strives to be an environmental steward by reducing its carbon footprint, practising proper waste management, and improving energy efficiency across the business. It also minimises business travel and continues to create a paperless office.