Insurance Brokerage Services
National Wealth Fund Limited, a public-sector finance organisation, is procuring insurance brokerage services to place and manage future Group Income Protection and Group Life Assurance policies for its employees. The appointed broker will conduct compliant insurance placements under the Procurement Act 2023, seek agreed guaranteed policy rates for an anticipated two- to three-year period, manage claims annually, monitor market developments, and advise whether existing policies should be retained or retendered. British Business Bank PLC may also use the contract for future insurance requirements, potentially including employers’ liability, professional indemnity, cyber, travel, life, private medical, and credit risk cover, although coverage of all these areas is not required. The estimated contract value is £300,000, with delivery across the United Kingdom, and spend by British Business Bank is not guaranteed. The critical requirement is the ability to undertake insurance placements and related procurement activity in compliance with the Procurement Act 2023.
Buyer: National Wealth Fund Limited. Source: Find a Tender. Updated 15 Oct 2026.
Key facts
- Estimated value: £300k
- Bids close: 12 Nov 2026
- Location: Leeds
- Procedure: Open procedure
- Contract period: 1 Feb 2027 to 30 Sept 2030
- Category: Insurance brokerage services (66518100)
From the official notice
The National Wealth Fund (“the Fund”) currently provides Life Assurance and Income protection as benefits to all its employees, with the Fund putting in place group policies for both benefits via an insurance broker contract. The Fund is looking to put in place a new contract for Insurance Brokerage Services to award and manage the placement of future Group Income protection and Group Life Assurance Insurance policies on its behalf. These policies will need to be placed in a manner that is compliant with the Procurement Act 2023 (PA23). It is anticipated that these new group policies will be put in place with a guaranteed rate of 2-3 years (to be agreed with the successful supplier). Following the award of these policies the successful supplier will be required to manage any claims on behalf of the Fund on an annual basis, advise on any market changes that may impact the Fund's policies and make recommendations on whether to keep existing policies or undertake a new PA23 compliant market assessment to put in place new policies. CONTRACTING AUTHORITIES THAT MAY USE THIS CONTRACT: National Wealth Fund Limited British Business Bank PLC British Business Bank (BBB) may also look utilise the brokerage services under the awarded contract as a service recipient to put in place future insurance requirements in a PA23 compliant manner. They currently have the insurance policies below, however please note this is shared for awareness only and Suppliers are not expected or required to be...
View the official notice
Questions about this tender
When is the deadline?
Bids close on 12 Nov 2026.
What is it worth?
The estimated value is £300k.
Who can apply?
The buyer has marked it as suitable for small and medium-sized businesses.
How do I bid?
Open the official notice, register on the buyer's portal and submit your bid before the deadline.
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