Slavery and Human Trafficking Statement for and on the behalf of Argo Managing Agency Limited
This statement is made on behalf of Argo Managing Agency Limited (“Argo”) pursuant to Section 54, Part 6 of the Modern Slavery Act 2015 and sets out the steps that we have taken to ensure that slavery and human trafficking are not taking place in our supply chains or in any part of our business.
We are committed to working to the highest professional and ethical standards and to complying with all laws and regulations that are applicable to our business. We are dedicated to combating all forms of slavery and human trafficking, and we expect all of those parties that we engage with, including our supply chains, to apply the same high professional and ethical standards to business that we do. We have embedded a robust risk management framework in our business. The framework is effectively used to identify and manage the risks to our business, including the risk of mistakenly entering into arrangements with suppliers who do not share our commitment to anti–slavery and human trafficking.
Argo acts as the managing agent for Lloyd’s Syndicate 1200, Lloyd’s Syndicate 1910 and Lloyd’s Syndicate 6117. The business of Argo consists entirely of underwriting insurance and reinsurance in the Lloyd’s of London marketplace. We do not act as a producer or retailer of physical goods, and we have no supply chains relating to these types of activities. Given the nature of our business, we believe that there is a low risk of slavery and human trafficking having any form of connection with our business operations.
Our Supply Chains
As a managing agent of underwriting operations in the Lloyd’s of London marketplace, our supply chains are limited. We outsource some of our secondary functions relating to underwriting and claims activities to reputable professional firms. All outsourcing arrangements are subject to the requirements set out in our outsourcing policy and procedure.
The syndicates under management source insurance business through trading relationships with Lloyd’s brokers, wholesale brokers, retail agents and other insurance and reinsurance intermediaries. We require that all contractual arrangements with third-party trade suppliers contain obligations to ensure compliance with the relevant regulatory and legal requirements.
Due Diligence Processes Applied for Slavery and Human Trafficking
We have in place a number of due diligence processes and systems to mitigate the risk to the business of slavery and human trafficking:
- Risk management framework that identifies and assesses potential risk areas to the business such as slavery and human trafficking
- Mitigation of risk in our supply chains by setting clear requirements and expectations for our potential outsourcing partners and suppliers
- The monitoring of outsourcing partners and suppliers to ensure that the level of risk of slavery and human trafficking to Argo remains low
- Ensuring that there are in place the appropriate recruitment processes and procedures (the relevant due diligence and vetting is carried out on all recruitment agencies that are listed on the Argo panel)
- Protecting whistle blowers; Argo has adopted a whistleblowing policy to ensure that all employees feel comfortable and confident to report any acts of malpractice by their colleagues, management, customers and other market practitioners
To ensure a high level of understanding of the risks of modern slavery and human trafficking in our supply chains and our business, we will provide training as required to the appropriate members of staff.
Interim Managing Director, ArgoGlobal
26th July 2017