June 29, 2017 by Canadian Underwriter
Servca, the independent international specialist Lloyd’s broker, announced on Thursday that is has expanded its global footprint into Canada.
Servca now provides regional Canadian brokers with direct access to Lloyd’s of London specialist products, schemes and carriers, “catering for non-standard and distressed risks” across professional liability/errors & omissions, directors’ & officers’, medical malpractice and cyber liability cover, the company said in a press release.
Servca’s move into Canada comes as a direct result of surge in demand from Canadian brokers for direct access to London’s specialist underwriting services and specialist Lloyd’s syndicates seeking to ‘Brexit’-proof their growth plans, the release said, referring to the United Kingdom’s decision to withdraw from the European Union.
The release suggested that Servca’s unique, direct-to-market approach to London for white-labelled facilities and programs, offers Canadian brokers instant access to specialist Lloyd’s “capacity and innovative policy wordings,” without the need to go through local managing general agents (MGAs) or Lloyd’s coverholders. The ‘direct’ approach allows regional brokers to retain greater client retention and control, while reducing overheads and compliance burdens, Servca suggested.
Servca will also be providing brokers with access to its new insurtech platform to take advantage of real-time underwriting and information exchange. Currently in the final stages of development and supported by several Lloyd’s syndicates, it will allow products to be underwritten and rated from London, while being executed in Canada.
“We are thrilled to be launching in Canada,” said Sercva managing director Nomaan Jamal in the release. “The strategic decision has been taken due to demand from Canadian brokers for a specialist approach to liability in financial and professional lines and with direct access to Lloyd’s. We want to provide our Canadian partner brokers, big and small, with access to the most innovative insurance market in the world in the most streamlined way possible. For the smaller often neglected regional brokers in Canada in particular, we are giving them a direct route to London’s specialist underwriting services, without having to go through local MGAs or Lloyd’s coverholders who often charge fees that over erode earnings.”
Brokers in Canada wishing to find out more about working with Servca are invited to meet the team at the Insurance Brokers Association of Ontario Convention in October or by contacting Jamal at email@example.com.
Servca is an independent insurance group and London-based Lloyd’s broker specializing in non-standard professional, financial & medical indemnity insurance and risk management. Serving international retail clients and wholesale intermediaries, Servca also provides partner intermediaries with white-labelled specialist binding authorities in North America and Europe.