Brokers Ireland Merger: Strength in Unity

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Brokers Ireland, formed as a collaboration between IBA and PIBA, aims to merge for a unified voice, resource pooling, cost efficiency, and specialized services. The merger will enhance submissions, meetings, events, communications, lobbying, and education, offering a strong platform for members. The commitment is to mobilize resources effectively while finding a balance between various aspects.

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BROKERS IRELAND BROKERS IRELAND One Voice, One Representation, One Strength Enabling Assuring Advising Download Webinar Recording 01 March 2017

Agenda Introduction/Background to BI Organisational Chart, Board & Committees Communication and Representation Financial Summary Corporate Governance Progress to Date Compensation Fund Strategic Objectives Completing the Merger Q&A

Introduction A Lot Done But a Lot More To Do The EGM is two months away Much to be done between now and issue of EGM notices and supporting documents Nevertheless, we are still on schedule under every heading We expect to have answers for you today on most issues Today s priority is to bring members up to speed with developments and to listen to any queries/concerns that you may have and take these away for further consideration

What is Brokers Ireland? Set up over 2 years ago as an IBA/PIBA collaboration Used for joint submissions, Central Bank meetings, lobbying, and other similar activities Is also used as a means to pool intellectual resources

What Will The Merger Achieve? Gives the two Associations members one clear, powerful voice Pools Human and Financial resources Creates a resource-strong and financially-strong body Produces greater cost efficiencies and savings Eliminates unnecessary duplication Allows delivery of Best of Both to the Broker Enables Deeper Specialisation of delivery to members

If Merged, BI Will Work On Common submissions Meetings with Central Bank, Dept. of Finance, and other bodies Events - Service Awards, Broker Awards, Regional Meetings & Seminars Product Provider communications Lobbying and PR Solving common Insurance, Compliance, Tax, and Legal issues Education; CPD; Scholarships Webinars and other Member Communications Monthly Magazine

Commitment to Mobilising Our Best People Whilst Striking a Balance Between . IBA and PIBA Dublin and Nationwide General and Life

Proposed Organisation Headlines DEPUTY CEO CEO HEAD OFFICE Ciaran Phelan Diarmuid Kelly IBA s Building, Merrion Sq (Current CEO IBA) (Current CEO PIBA) PRESIDENT and CHAIRMAN of the BOARD VICE PRESIDENT 10 BOARD MEMBERS Current PIBA Board Member Current IBA Deputy President Cathal Lowe 5 IBA & 5 PIBA JOBS FOR ALL STAFF No Redundancies

Proposed Broker Ireland Board PIBA A.N. Other PIBA A.N. Other PIBA A.N. Other PIBA A.N. Other PIBA A.N. Other - PIBA IBA Hooper Dolan - Cathal Lowe First Ireland - Linda Gallagher ITC Aidan McLoughlin ARB - Paul Carty Kidd Insurances - Noel Sweetman

Committees Four Committees Initially Corporate Brokers (General Insurance) General Insurance (General Insurance) Financial Services (Life) Compliance (General & Life) The 4 Chairpersons will each have a seat on the Board.

Nationwide Communications & Representation Regional Meetings to continue Principal Meetings to continue Regional Representation to continue All Committees to have best possible talent The member-base countrywide will be trawled Formal 1-to-1 member visits by Management to be introduced

Financials IBA & PIBA cash reserves are similar IBA brings the Head Office building to the Balance Sheet IBA s annual subs income = 50% of PIBA s Consequently, 2 years after a merger, the two organisations will have contributed equally (financially)

Corporate Governance With openness and transparency a key priority, the Steering Group has retained Deloitte Deloitte with the Steering Group will shape a template to Brokers Ireland s specifications, and pass to the Board The Board will direct Management to collaborate with Deloitte to complete and fully populate the document Corporate Governance final policy documents when completed, Board to consider and decide if EGM is necessary for approval Note 1: Corporate Governance will include a Code of Ethics, and policies on Staff Remuneration & Performance Management Note 2: Steering are examining setting up a Corporate Governance committee with possibly an external Chair.

BI Merger - Current State of Play Project run by Steering Group Cost Benefit Analysis (CBA) Year 1, 2, and P&L Projections Analysis of Accounts, Investments, Assets Agreed IBA/PIBA split of: Legal Advisers Tax Advisers Auditors Co. Secretary Tax analysis including CGT and Stamp Duty

BI Merger - Current State of Play (contd) Office Layout IBA/PIBA split of IT: CRM System Brokers Ireland Website Financial Broker Website Heads of Agreement completed Merger Agreement Doc Constitution and Memo & Arts

BI Merger - Current State of Play (contd) Branding & Logo Magazine content/style AGMs set for May 18 2017 If it s a Yes vote, Brokers Ireland will begin immediately in relevant areas Official Merger date is Sept 1st, but informal Board meetings will commence shortly after May 18 2017 Launch scheduled for September 2017

IBA Compensation Fund The Fund will continue and be re-named Members fee reduced to 25 p.a. It will be possible to utilise the Fund for the benefit of the Broker community, e.g. Scholarships

General Strategic Objectives Representation of members interests to Insurers, Product Providers, Govt. Departments and Central Bank Legislation and Compliance support Business Development Support Public Relations and Communications Membership Services Note: All of the above feed into the Mission Statement

Specific Strategic Objectives The Board will provide direction and support to Management on short, medium, and long term specific objectives and strategies Initially the principal focus will be on bedding-in all aspects of the new entity, including best Corporate Governance Identifying new Specific Strategic Objectives will be a priority for the new Board and Management, for example, we expect to conduct a feasibility study on ending payments from Insurers Development and Implementation of Strategies will vest in Management

Completing the Merger EGM & AGM on May 18th 2017 in the Croke Park, Dublin 3. Official notices and documents will be sent in late April These will include resolutions, and other documents such as Merger Agreement and/or new Constitution Note:The structures outlined in these slides will be incorporated into the above mentioned documents (where relevant) To pass the vote to merge, 75% of votes must be in favour Voting will take place at the EGM Proxy voting will also be available If passed, the Steering Group s critical path to launch will be activated