Griffin is managed by an independent firm of specialist managers – Tindall Riley & Co Limited – which, trading as Griffin Managers, performs all the functions associated with running an insurance company. The Managers have no financial interest in the mutual’s underwriting results, which ensures that there is fair and equitable treatment of all Members. All services are delivered by the Managers in support of the interests of the membership as a whole.
The Managers operate in accordance with a Management Agreement entered into with the mutual. Under the terms of this Agreement, and in return for a fixed fee negotiated annually in advance, the Managers provide the services which the Members have identified as needed. These include claims handling, underwriting, liability advice and risk management for Members, and governance, including accounting, company secretarial, regulatory and compliance functions for the mutual. The management of the mutual’s investments is contracted to specialist investment advisers.
Tindall Riley is authorised and regulated by the Financial Conduct Authority and has a history dating back to 1855, when it first started managing the Britannia Steam Ship Insurance Association, a ship owners’ mutual or “P&I Club”, which it still manages today. It also manages a third mutual, The Wren Insurance Association Limited, which provides professional indemnity insurance for architects.