THE KING OF CREDIT - STOCKINSURE CELEBRATES 25 YEARS
This article originally appeared the the Queensland Country Life.
03 September 2019
This is advertiser content for Stockinsure.
Stockinsure is the King of credit insurance for livestock agents in Australia, with insured sales turnover of billions to meat processors, butchers, abattoirs, feedlotters and live exporters.
Twenty-five years ago last Friday (August 23, 1994), Don Wright, alongside nine visionary agents in Orange, formed the Central West Selling Agents Co-operative Limited to protect their cash flow against unpaid sales proceeds.
Success was swift when two big NSW abattoirs "went bust" in the mid-1990s and the Co-operative was quickly able to recoup $500,000 for its members.
"I knew it wouldn't fail as nothing else existed that protected agents against financial loss if a purchaser defaulted," Mr Wright said.
"The secret to success has been our simplicity. The program is user-friendly and created by agents for agents. We knew exactly what was needed.
"Our focus for the past 25 years has been our members."
Since 2001, the Stock and Station Agents Co-operative Limited has administered Stockinsure through a Board of Directors which, along with three staff, provides valuable local knowledge, as well as sound governance.
Mr Wright, who has been Chairman of the Board for the past 14 years, said the national footprint of the Co-operative - and its credit management record - gave it the purchasing power to provide benefits to members that were unmatched elsewhere.
"No-one can compete with us," he said. "And the Stockinsure brand just keeps getting stronger as more businesses realise the benefits and how easy it is to be insured.
"Banks, in particular, look very favourably at livestock agents on our members' list as they trust we will cover any debt incurred. The big financial institutions respect us highly."
According to Stockinsure CEO Matthew Starr, the Co-operative is financially sound and can, under the Board's discretion, supplement the 90 per cent claim that the underwriter pays.
"A Stockinsure member may even get 95pc or 100pc of the loss," he said. "And Stockinsure has often rebated levies when the Board felt it was best for its members."
Uniquely, Stockinsure members pay only the levy on insured buyers. Additional costs, such as administration fees, stamp duty and mercantile reports are waived.
"In comparison, a competitor's member must pay stamp duty, limit charges and possibly a service fee," Mr Starr said. "This can easily add up to 15 to 20pc on the cost of insurance."
Another benefit Stockinsure members enjoy is the freedom to conduct unlimited trades with any buyer on the insured buyers' list.
And, because Stockinsure has the backing of four insurance companies, as opposed to one, members have more chance of placing a buyer on the insured buyers' list.
"Unlike a competitor's member, they do not compete for cover with other members or policy holders," Mr Starr said. "They can just trade without any worries."
All Stockinsure members are given access to livestock software, which allows them to easily administer their obligations under the program.
With the push of a button at the end of the month, all buyer reporting is complete, as well as levy contributions. Outstanding updates can also be produced.
Mr Wright, who in 2002 was made a life member of the Australian Livestock and Property Agents Association in recognition of his contribution to the industry, said Stockinsure was one of the big successes of his life.
"I am very proud of our Co-operative," he said.
"We are the preferred provider of credit insurance for stock and station agents in Australia and, due to the dynamic nature and competitiveness of the livestock industry, our program has played a vital role in the ongoing sustainability of the profession.
"Starting with 10 agents in Orange 25 years ago, our Co-operative has become a leader within its sphere."
This is advertiser content for Stockinsure.
This article originally appeared on Queensland Country Life.
INTRODUCING FARMGATE AUCTIONS
September 19th, 2019
To fellow Stockinsure members,
I’m pleased to announce the FarmGate Auctions inaugural cattle sale, to be held Tuesday 8th October 2019 at 1pm.
We would like to thank Banoon Pastoral Co for the listing of 100 2017 drop Hereford Heifers joined to calve March/April to Hereford Bulls.
This listing completes the dispersal of the Banoon herd and many years of breeding quality Hereford cattle.
Thanks also to Purtle Plevey Agencies in conjunction with Bill McKidd Pty Ltd for their support and kicking off our first online sale.
I’d like to invite you to download the app from the App Store or go to www.farmgateauctions.com.au and register to list livestock for sale or bid in our upcoming auction.
ABOUT THE FOUNDERS
| Guy is a licensed Stock & Station Agent, Real Estate Agent, Business Agent and Auctioneer.
With Agency in his blood from a young age, Guy commenced work for the family business, Jacob & Anderson in February 1972 achieving strong results in both livestock and property sales.
Guy became principal of Jacob and Anderson with offices in Gunnedah and Boggabri in 1997 when his father retired. Through his guidance the business has prospered in the cut and thrust of agency life, selling weekly at the Gunnedah Saleyards, with rural property and residential real estate sales and a comprehensive rental roll.
Guy has also held the position of President and Treasurer at Gunnedah Stock and Station Agents Association
| Matt is Managing Director of FP Markets, a world renowned trading platform that executes billions of dollars in transactions daily.
Having worked for a number of investment banks in his early years, Matt co-founded FP Markets in 2005 with investment from a number of high net worth individuals along with funding from ASX listed CVC Limited.
Through his leadership, FP Markets is now one of the largest CFD & FX providers globally, employing 110 staff in offices throughout Europe and in Sydney.
Although Matt has a background in finance he has country roots, growing up on a property in Scone.
TFI TO RE-BUILD MURRAY BRIDGE PROCESSING FACILITY AFTER 2018 FIRE BY DECEMBER 2020
This article originally appeared on Beef Central on June 6th 2019
SEVENTEEN months after fire ravaged its Murray Bridge meat processing plant in South Australia, Thomas Foods International has announced plans to rebuild on a site not far from the original facility.
The project, which the company said would cost ‘some hundreds of millions of dollars’ is expected to see the first stage, for beef processing, completed by November next year.
Since the devastating Murray Bridge fire in January 2018, TFI has had beef service kills done at the O’Connor’s plant near Pakenham, VIC.Chief executive officer Darren Thomas said the new facility would be built on a greenfield site 10km from the town centre.
“Today we re-affirm the commitment we made on day-one,” Mr Thomas said in a statement.
“We plan to build the best, most advanced multi-species processing facility in Australia, if not the world. We want our facility to be world class in adapting the latest advancements in technology, efficiency, environmental sustainability, animal welfare and workplace safety.”
He said the project would be the single largest investment by TFI in its 30-year history, and on a scale not seen in the processing industry for many years.
“It’s also our long-term commitment to our community, staff, customers and livestock suppliers throughout South Australia and Australia,” Mr Thomas said.
Once fully operational, the new plant is expected to create around 2000 jobs, 400 of which would be required in the initial stages of production.
A dedicated project team led by Darren Thomas and chief operating officer David McKay will include internal and external designers, engineers and planners to drive the development.
“Today is a very exciting milestone for TFI and our local community of Murray Bridge,” Mr McKay said.
“We’ve secured the land for our site and have worked closely with a team of internationally renowned process engineers to come up with a world-class environmentally sustainable design. From the fire has come a ‘once-in-a-lifetime’ opportunity to build a brand new flagship facility that will service our global operations for many decades to come,” he said.
“This will be a technically advanced facility to deliver the highest standards in beef and lamb processing.”The plant and its capacity will be built in a staged approach with the beef processing facilities to be completed first. TFI has managed to spread some of its former Murray Bridge lamb processing operations across other company lamb facilities at Lobethal and Tamworth.
The final stages of the development will provide for a considerable expansion and greater footprint to that of the previous site in Murray Bridge, Mr Thomas said.
While an exact date for the start of construction is yet to be determined, the company said it was positioned for work to begin as soon as possible.
It is working closely with the relevant State Government agencies and expects initial production at the site could commence as early as November 2020.
Mr Thomas said he was enormously proud of the TFI staff who had worked tirelessly since the fire to make the re-build announcement possible.
“From Day One, we committed to rebuilding our Murray Bridge operations,” he said. “The fire was a major disruption to the business and the lives of many of our people, not just in Murray Bridge but right across our operations.
“But we’re a positive and resilient family company. Rather than lament what was lost, we’ve chosen to focus on emerging bigger, better and stronger. We’ve chosen to focus on the exciting future for our company and the community of Murray Bridge.”
“The enormous dedication and outstanding work by everyone involved in this process is overwhelming. I’m extremely grateful to all our staff who have put in so much hard work, our loyal customers and suppliers who’ve stuck with us, our insurers and the external support we’ve received across the community.
Mr Thomas acknowledged the support received from all levels of Government, State Government agencies and the personal interest taken by so many political leaders.
“This has been a truly collaborative approach to bring about an outcome with such broad community benefits,” he said.
- Beef Central has just spoken to TFI’s Darren Thomas – more comment added to this item shortly.
STOCKINSURE MEMBERS NOW RECEIVE TOP UP TO 100% OF ANY CLAIM PAYMENTS
May 17th 2019
TOUGH MARKET CONDITIONS BLAMED FOR MEAT WHOLESALER/RETAILERS COLLAPSE.
|January 25th, 2019
An unfortunate situation for one of our insured buyer's.
After 17 years of trading, principal Richard Gunner has placed the business in voluntary administration, owing secured and unsecured creditors about $8 million.
Clients sell through agents and pay them commissions to receive guaranteed sale proceeds (Del credere). "A Del credere agency is a type of principal-agent relationship wherein the agent acts not only as a salesperson or broker for the principal, but also as a guarantor of credit extended to the buyer. If the buyer is unable to pay the bill after the transaction is completed, a del credere agent may become liable for the amount that was unable to be collected."
Is your agent a Stockinsure member?
ACTIVE STOCKINSURE MEMBERS RECEIVE FREE CYBER LIABILITY INSURANCE PROTECTION AS A BENEFIT OF MEMBERSHIP.
|October 17th, 2018
It is with great pleasure that the board of Stockinsure announces that as a benefit of your membership, Stockinsure is providing FREE to all active members a Cyber Insurance policy covering Cyber Crime and Cyber liability.
The board have identified that within its membership base, cyber crime and cyber liability exposures are rapidly on the rise.
With the assistance and advice of our broker, Coverforce Insurance Brokers, who have negotiated terms with an international underwriter, we have now arranged a master insurance policy covering all active members.
Please read the attached brochure for more information.
STOCK & STATION AGENTS CO-OP PURCHASE DEL CREDERE - QLD STOCK AGENTS TRADE CREDIT INSURANCE SCHEME.
|November 1st, 2017
As of the lst November 2017, Stock & Station Agents Co-operative Limited (known as Stockinsure) have purchased the trade credit insurance scheme and attaching policies from National Credit Insurance Brokers Pty Ltd (NCI).
STOCK & STATION AGENTS CO-OP AND CORCORAN PARKER EACH DONATE $10,000 TO THE ALFRED FOUNDATION'S BURNS UNIT IN MEMORY OF THE LATE TREVOR PARKER.
|Donation: Members of the late Trevor Parker's family, as well as staff from the Alfred Hospital's Victorian Adult Burns Service, accepted cheques accumulating $20,000 from Stockinsure and Corcoran Parker representatives.||December 14th, 2017
Stockinsure and Corcoran Parker have each donated $10,000 to the Alfred Foundation's Victorian Adult Burns Service in memory of the late Trevor Parker.
BEEF AUSTRALIA 2018 - ROCKHAMPTON 6-12 MAY
Come and find us at the Beef Australia 2018 Rockhampton Trade Fair in the Walter Pearce Pavillion open from Monday 7th May to Friday 11th May from 8:30am to 5:30pm. http://beefaustralia.com.au/
May 13th, 2018
Stockinsure was proud to be an Associate Sponsor of Australia’s national beef expo in 2018, whilst being one of the world’s great beef cattle events and is held just once every three years in Rockhampton, Queensland, Australia. Beef Australia 2021 will be held from May 2 to 8 and will be a celebration of all facets of the Australian beef industry. It will facilitate new trade and export opportunities by exposing the local supply chain to the international industry leaders; it featured more than 5000 cattle from over 30 breeds; a trade fair promoting more than 500 businesses; a symposium, seminars and property tours to deliver new research information to producers; and restaurants, celebrity chefs and cooking demonstrations for visitors to appreciate the quality and flavour of Australian beef.
Beef Australia 2018 - Great interaction with some of our agents, sponsors and general public inquiries.