Don't go beyond your means.
Ward Evans earned an impressive annual commission income of £12.3m but its demise, caused by living beyond its means, serves as a reminder to brokers and insurers.
At one time Ward Evans was in the top 50 insurance brokers, earning£12.3m annual commission income in 2001. This sounds impressive on the
face of it but it now appears that its performance was rotten to the
core.
I did not have any connection with Ward Evans but I was aware of its
aggressive selling methods.
The Ward Evans saga reminds me of another case some years ago, involving a
Sutton-based firm. The company in question was not as big as mine, but I
used to meet the managing director frequently
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