Modern Slavery Act
Statement under the Modern Slavery Act 2015
Chaucer Syndicates Limited (“Chaucer”) is committed to combating all forms of slavery and human trafficking. The Chaucer Board and senior management believe that, because of the nature of the business in which the company is engaged and our supply chains, the risk of our organisation becoming involved in the support or encouragement of slavery or human trafficking is very small.
Chaucer is recognised as a leading employer in the Lloyd’s market. Our human resources, outsourcing and compliance policies and procedures are designed to ensure that we are supportive of our employees at all times, and that our suppliers and business partners operate to the highest ethical and business standards.
Chaucer is incorporated in the UK with its head office in London, and employs a total of approximately 350 staff. The company has active underwriting subsidiaries and affiliates incorporated in Denmark, Singapore, Norway and Malaysia, and a marine underwriting agency based in Ipswich, UK. All companies within the Chaucer Group are authorised insurance and/or reinsurance companies or companies whose purpose is to support underwriting activities. Chaucer’s ultimate parent company is China Re, incorporated China and listed on the Hong Kong Stock Exchange, with its head office in Beijing, China.
Chaucer acts as managing agent for Lloyd’s Syndicate 1084, operating in all major international specialty insurance and reinsurance markets, Syndicate 1176, a specialist insurer of nuclear risks, and special purpose Syndicates 6124 and 6130. Our business consists entirely of underwriting insurance and reinsurance at Lloyd’s, and associated policy management and claims activities. We do not act as a producer or retailer of physical goods, and have no supply chains relating to such activities.
Our Supply Chains
As a provider of insurance and reinsurance solutions to our customers, our supply chains are very limited. We outsource some ancillary functions relating to our principal underwriting and claims activities to reputable professional firms. We also engage external parties to provide support services such as cleaning and telecommunications to our London and overseas offices.
Our Policy on Slavery and Human Trafficking
We are committed to ensuring that there is no modern slavery or human trafficking in any part of our business or supply chains. This reflects our determination to act ethically and with integrity in our relationships with our suppliers and business partners, and to promoting the same high standards in their dealings with us. This policy informs and influences all our operational procedures and business practices.
Due Diligence Processes for Slavery and Human Trafficking
Chaucer has adopted a set of values that all employees are encouraged to implement in their working life. These include the following:
“Integrity – we act honestly, fairly and consistently with each other and our business partners.”
Chaucer operates a sophisticated set of risk management policies and procedures designed to identify and mitigate a wide range of risks, including that of suppliers or business partners engaging in illegal or improper activity. These include our Outsourcing Policy, Whistleblowing Policy, Compliance Policy and Financial Crime Policy. Implementation of and adherence to these policies is continuously monitored by Chaucer management.
The benefits and rights available to Chaucer staff are set out in a detailed and easily accessible Staff Handbook, and our Human Resources Department is available to advise all employees and address any concerns that they may have concerning their employment.
These policies and procedures, in combination with Chaucer’s commitment to ensuring that its employees act ethically at all times, enable us to identify and minimise the risk of slavery and human trafficking occurring within our organisation and our supply chains.
We will seek to promote adherence to our policy on slavery and human trafficking by our material third party suppliers through our outsourcing and audit procedures.
In order to promote awareness of the risks of slavery and human trafficking, we will communicate this policy to our staff and include it as part of the induction materials provided to all new employees.
This Statement is signed on behalf of the Board of Directors of Chaucer Syndicates Limited by the Chief Executive Officer John Fowle on 20 June 2017.