Chairman’s statement 2011
This year my report is set against the backdrop of a much changed economic and financial environment for the Mutual and our Members; it has been important therefore that the mutual is able to continue to demonstrate that it provides consistently high standards of practice and service to its Members. This year we were again able to return a significant percentage of contributions to Members, and our core membership remains stable.
We are well positioned to support Institutions in a partnership approach to risk management appraisal, advice and solutions giving valuable control over future pricing.
Our mission statement was revised this year and embodies our aim to be the leading supplier of risk and insurance related coverage and services to the education sector in the UK. We aim to extend the benefits of mutuality to Universities and Colleges by providing cost effective risk financing options together with expertise second-to-none complemented by a first class service.
The Mutual is positioned to reward loyal Members in a difficult financial climate which is set to continue; our strong reserves are protected by the Board’s current strategy. Whilst growth is our declared intent we will continue to decline under priced risks where this is not in the best interests of the collective Membership.
This year we saw the Supreme Court clarification of procurement law which endorses public body shared services initiatives such as UMAL; the higher and further education sector has a unique opportunity to demonstrate that self management of risk delivers significant cost savings.
This is my first year as Chairman of the Board and there is no doubt in my mind that the mutual concept as a working successful shared service model will be an enduring testament to the Members’ intention to keep public funds within the public sector.
We are indeed one of the few public sector organisations the private sector seeks to replicate.
