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LEGAL

Section 172 statement

The board of directors of Xbridge Limited consider both individually and together, that they have acted in the way they consider in good faith, would be most likely to promote the success of the company for the benefit of its employees, customers and suppliers. The paragraphs below set out how the Directors fulfil their duties under the Section 172 requirements.

Consequences of any decision in the long term

The Company has a business plan with a three-year horizon setting out the financial and capital implications of strategic and other business decisions, such as product development and technical advancements. The Board considers the business plan annually.

Interests of the Company employees

Our employees are fundamental to the delivery of our long-term plan. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is our primary consideration in the way that we do business. We undertake bi-annual engagement surveys and continual investment in mentoring, learning and development across all staff members.

Interests of the Company’s Customers, Suppliers and others

The Company is the United Kingdom’s leading online insurance broker for small businesses and landlords. We understand that every single one of those customers has unique needs. This principle is at the heart of not only our customer service, but also of the processes by which we build our products. We want to create the best product and the best service for the small businesses and landlords we insure – plus, we want it to be a memorable experience that they talk positively about.

The Company does not have a dependency on any particular supplier outside of its group, but deals with a number of large and small enterprises and aims to always pay within 30 days terms and builds a long-standing relationship with its suppliers which is beneficial to both parties. An important stakeholder relationship is that between the Company and its regulator, the Financial Conduct Authority (“FCA”). The Directors and the Company’s senior management are committed to working with regulators in an open and transparent way.

Impact of the Company’s operations on the community and the environment

XBridge Ltd. recognises the long-term success of the company is interlinked with our impact on our stakeholders, including the community and environment. We have a long-term charity partnership with Whizz-Kidz (UK registered charity 2444520) and have conducted exploration into the carbon footprint of the company’s operations - initially focused on our UK operations and with plans to extend to our US operations also. Our accreditation as a B Corp organisation since 2017, whereby we’ve been certified as a company that meets the highest standards of ethical and environmental performance, further reinforces this. The company is undergoing reassessment as a B Corp throughout 2020, in a move to retain the certification. Throughout the COVID-19 crisis the company’s ongoing commitments to their partners and pledges won’t change and are constantly assessing ways in which we can help others in this time of need.

Maintaining a reputation for high standards of business conduct

As the Board of directors our intention is to behave with the correct conduct to comply with the regulatory obligations and ensure that management operates the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours.

Need to act fairly as between shareholders

The Company has had one shareholder throughout the period, The Travelers Companies, Inc. The risk of acting unfairly between shareholders does not, therefore, arise.

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© Copyright 2020 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.