Who is behind InsuranceFX?
InsuranceFX is a CommercialFX brand. Both are trading names of Introvisory Ltd, which is authorised and regulated by the Financial Conduct Authority (FRN 948814). Introvisory Ltd has been authorised by the FCA since 7 March 2022 and is based at 105-107 Farringdon Road, London.
InsuranceFX was set up to do one job for the insurance market: put an insurance firm's currency and payment needs in front of several regulated providers at once, and keep checking the price once a provider has been chosen. It works with insurers and reinsurers, Lloyd's syndicates and managing agents, MGAs and coverholders, insurance and reinsurance brokers, captives and captive managers, claims handlers and third-party administrators. It works with professional clients only.
Is InsuranceFX an insurance agency or a forex trading firm?
Neither. InsuranceFX introduces insurance firms to regulated FX and payment providers. It does not sell insurance of any kind and it does not offer currency trading.
The name causes two mix-ups. A search for insurance fx can turn up a US insurance agency with a similar name, and a search for fx insurance usually means cover for forex traders or protection against currency losses. InsuranceFX is neither of those. We write InsuranceFX as one word and describe it the same way everywhere: a UK introducer for FX and international payments in the insurance market, and a CommercialFX brand.
InsuranceFX is not an insurer or an insurance intermediary. It does not arrange, advise on or sell insurance, and it is not a retail forex, trading or investment service.
What is InsuranceFX's approach?
We start with what you pay today, measured conversion by conversion against the market mid. Most insurance firms already have a bank or provider, so the useful first question is what that arrangement costs.
Next we put your real flows to several providers without naming your firm, so the comparison rests on price and service rather than on who you are. Premiums, claims, reinsurance settlements and captive funding go out as they really happen, with the amounts, currencies and dates you actually have.
If you decide to move, we plan the switch around the insurance settlement calendar: binder remittances, quarter-end premium accounts, reinsurance settlements, claims payment runs and client money calculation dates. Afterwards we re-quote your main flows once a year so that rate creep shows up in numbers rather than in a feeling that rates have got worse.
We publish how we do this: how InsuranceFX works, how we are paid and where your money sits.
Why does InsuranceFX work only with the insurance market?
Because insurance flows come with questions that a general FX conversation tends to skip, and getting them wrong costs more than a few basis points.
A broker has to know whether a premium is client money before it asks who can convert it. An MGA has to remit in the currency and on the date each binder sets. A Lloyd's managing agent already has currency conversion through Lloyd's central settlement, where Lloyd's says it adjusts rates to recover up to 5 basis points, and needs to know where an outside provider can still help. A captive's board needs evidence of what each conversion cost. We build every quote, review and switching plan around those questions.
Our pages for brokers, MGAs and coverholders, Lloyd's syndicates and managing agents and captives and captive managers set out what that means for each.
Who will we deal with at InsuranceFX?
A small London team with insurance market and FX experience, which handles each firm from the first quote to the yearly rate check.
If you would like to know who will look after your firm before you share anything, call us on 020 7566 0044 or book a confidential call.
How do InsuranceFX, CommercialFX and Introvisory fit together?
InsuranceFX is the CommercialFX brand for the insurance market. Both are trading names of Introvisory Ltd, and introductions are made through Introvisory Ltd.
CommercialFX is the central brand of Introvisory Ltd for business FX and international payments. Its sector brands share one way of working: introductions only, to regulated providers only, with blind quotes and cost reviews and no client money. FundFX, the sister brand for investment funds and fund managers, works the same way.
Introvisory Ltd is authorised and regulated by the Financial Conduct Authority. Its permissions cover arranging deals in investments, limited to shares, debentures, units and rights to securities, for professional clients and eligible counterparties as corporate finance business. Introducing insurance firms to FX and payment providers for spot conversions and payments is not a regulated activity and is not covered by those permissions. It cannot hold or control client money. The provider your firm chooses carries out every transaction under its own authorisation. Our important information page sets out the regulatory position in full.
What does InsuranceFX never do?
We never touch your money. Everything that moves money is done by the provider your firm contracts with.
- Hold, receive or route client money or premiums, even briefly.
- Make, instruct or approve payments for a firm.
- Execute trades or quote prices of our own.
- Send, confirm or change payment details for anyone.
- Advise which product, provider or client money arrangement a firm should use.
- Arrange insurance or act as an insurance intermediary.
- Collect or store KYC documents, which go straight from your firm to the provider.
- Introduce a provider that is not authorised by the FCA.
If anyone claiming to be InsuranceFX asks you to send money or change bank details, do not act on it and call us on 020 7566 0044.
What are InsuranceFX's company details?
InsuranceFX is a trading name of Introvisory Ltd, registered in England and Wales with company number 11003625 and FCA firm reference number 948814.
- Trading name
- InsuranceFX, written as one word
- What it does
- Introduces insurance firms to regulated FX and payment providers, for professional clients only
- Part of
- CommercialFX, the central brand of Introvisory Ltd for business FX and international payments
- The CommercialFX family
- InsuranceFX for the insurance market and FundFX for investment funds
- Legal entity
- Introvisory Ltd
- Company number
- 11003625 at Companies House, registered in England and Wales
- Registered address
- 105-107 Farringdon Road, London EC1R 3BU
- FCA firm reference number
- 948814 on the FCA Register
- Authorised since
- 7 March 2022
- FCA permissions
- Arranging deals in investments and making arrangements with a view to transactions in investments, limited to shares, debentures, units and rights to securities, for professional clients and eligible counterparties, as corporate finance business. Introductions for spot FX and payments are not regulated activities and are not covered by these permissions.
- Client money
- Introvisory Ltd cannot hold or control client money
- Insurance
- InsuranceFX is not an insurer or insurance intermediary and does not arrange insurance
- Phone
- 020 7566 0044
- Email InsuranceFX
More detail on our regulatory position is on our important information page, and you can reach us through our contact page.