Davies Group has announced it is to rename its Requiem intermediary services business as the operation looks to broaden the services it provides to the market.
Requiem, which was acquired by Davies in 2018 from R&Q will now be known as Davies Intermediary Support Services Limited. The business has grown substantially since acquisition including work with major brokers providing back office and legacy services. The new name comes with a move to include support of the group’s MGA operations. It will also play a key role in Davies’ provision of support at both ends of the Managing General Agent’s (MGA) lifecycle.
The operation will continue to work broking clients and with the wider Davies team to provide support for the Group’s MGA incubation offering and will also continue to lead the work of the Group in the management of discontinued MGAs via its Insurance Wrap product. The MGA Wrap Solution is aimed at delivering certainty to the MGA owner and/or the insurance carrier. The solution takes all the responsibility for management issues away from the owner or carrier of a discontinued MGA from a set point in time. Where it is able to do so Davies, through its subsidiary Davies Intermediary Support Services Limited, may purchase the discontinued entity in its entirety, with an agreed fee to cover the run-off. If it is not possible to acquire the entity, Davies can enter into an agreement to manage all aspects of the run-off.
Chris Butcher CEO Davies Intermediary Services said: “The rebranding of our successful Requiem operation to Davies Intermediary Support Services is a natural progression given the way it has developed to mirror the needs of our customers across the market.
“As an incubator, we have launched over 50 MGA’s in the last three years with more new start-ups in the pipeline. Our success has created a demand for a wider and deeper range of services from our clients who find themselves in varying stages of their business development. This operation has long been supported by our back-office teams. The maturity of the MGA sector coupled with some challenging market conditions has seen the demand for support for MGAs which have decided to discontinue increase significantly in recent times. The expertise of Director of Intermediary Services Steve Goate and his team is delivering benefits across our insurance platform to a range of intermediaries and the rebrand enhances the fact that there is seamless access for our clients through all aspects of our intermediary and insurance services offering.”
Steve Goate, Director of Intermediaries Support Services added: “While the name has changed the benefits and values we deliver to our clients have not. Our back office services are available across all intermediaries. For the past two years, we have been working with our colleagues within the wider Davies team on an increasing number of products for an ever-growing group of clients. The rebranding brings additional clarity to our current clients and enables us to further leverage the strength of the global Davies brand.”