Product Review and Fair Value Assessment This document was prepared by ERGO UK Specialty Limited (‘ERGO UK’) in accordance with regulatory responsibilities under PROD 4.2 as the manufacturer of this product. Carrier name Product name Date of most recent Fair Value Assessment Product Review and Fair Value Assessment Frequency 1
Great Lakes Insurance SE, UK Branch Property Owners September 2022 Every 12 months
Outcome of the Product Review and Fair Value Assessment
As a result of the product governance activities undertaken across this product, we can confirm the following: 1. The product remains consistent with the needs of the identified target market 2. The product remains consistent with the fair value assessment 3. The intended distribution strategy remains appropriate Product Information and Approval Process
In accordance with the FCA’s Product Intervention and Product Governance Sourcebook (‘PROD’) rules ERGO UK has completed product review and fair value assessments (‘FVAs’) across all its products. ERGO UK FVAs considered the performance of products against a number of areas including, but not limited to: • • • • •
Product Oversight and Governance Arrangements Target Market Pricing Distributor Oversight Remuneration
In considering and assessing fair value ERGO UK analysed all appropriate and necessary management information (‘MI’). 2 1
In line with PROD 4.2.34R and PROD 4.2.34B R, ERGO will undertake a review every 12 months or more frequently where the potential risk associated with the product makes it appropriate to do so. ERGO will apply a risk-based approach to product governance and continuously review products to ensure ongoing fair value for customers in the target market. 2 The MI used to assess fair value are classed as commercially sensitive to ERGO UK and have therefore not been disclosed in this Assessment.