In 2015, a new financial services mutual was launched to provide Fire and Rescue Authorities with an alternative way of transferring risk: Fire & Rescue Indemnity Company (FRIC).
In 2015, along with 9 Fire Authorities, we launched a new financial services mutual for Fire Authorities. After just one year of trading we are delighted to report a trading surplus of 19% of net contributions in the 1st year.
FRIC was established to provide an alternative to traditional commercial insurance products and services by allowing it to be owned by its Members and its customers, providing them with greater control over their cover, claims handling and risk management.
In its first year of trading the mutual has already made a £471,000 surplus. The surplus belongs to the Members, who have decided that the money will be used to fund further improvements in the risk management services and product range offered by the Mutual.
In addition, the Mutual is also celebrating its recent inclusion in the shortlist for Best in Alternative Service Delivery Model category at the Public Finance Innovation Awards 2017.
It has been fascinating to work on our first public sector mutual and truly inspiring to see the benefits a mutual can bring to the fire services and driving better risk management.