UAC continues to grow and prosper as we see the underwriting agencies take a share of the Australian Insurance marketplace. The expertise, access, service, and capabilities that our members provide to the market has been rewarded as the segment grows. UAC has grown with this as the peak body for underwriting agencies in Australia. UAC’s Expo Strategy is a key component of the value we provide to our members. As you know there are nationally 10 expos held in any given year. Out of the 10 expos, NIBA and UAC co-brand 3 of these events – Melbourne, Brisbane and Perth. Recent joint run expos have fallen short of the professional expectations UAC has at running these events and we have received complaints from our members, our sponsors, our staff, and brokers. In addition to this, UAC does not receive a share of any of the revenue from these co-branded events; in fact, we have recorded a loss on every occasion. We have been actively trying to rectify the situation since Perth last year. We have discussed the issues with NIBA. UAC believes it has a proven capability to run expos. To rectify the situation, UAC has offered to run the remaining 3 co-branded expos. To compensate NIBA and in recognition of the long-term partnership, we have offered a lucrative sponsorship at no charge to NIBA. NIBA has counter-offered with a proposition that is not commercially viable. UAC is proud of the Expos/Market Exchanges we organise and manage internally, and due to the above have made the decision to take over the management of the Melbourne, Brisbane & Perth events from this year. Our offer to NIBA stays on the table, as we place great value on our relationship with the association. We will continue to offer NIBA a table at every expo/market exchange free of charge. The UAC Board appreciates members’ support of this strategic decision to bring management of the events under our management. It will benefit you as UAC members, and our staff. Importantly, NIBA members and brokers throughout Australia will also benefit from more focused management. We look forward to your continued support in promoting our Expos/Market Exchanges to your broker audience, thus building a stronger marketplace for all members. Kind regards, Heath Amber Chair