The Movo Partnership Network (Movo), has today announced the launch of a Euro Desk in partnership with the independent international specialist Lloyd’s broker, Servca.
The partnership gives Movo’s brokers direct access to London’s specialist underwriting services and specialist Lloyd’s syndicates for European Casualty business, without the need to go through local MGAs or Lloyd’s Coverholders. It allows them to retain greater brokerage, client retention and control, whilst reducing overheads and regulatory challenges in a post ‘Brexit’ era. As part of the deal, Movo has two dedicated Specialty placing brokers within Servca, ensuring a knowledge-based and efficient service from a specialist broker at Lloyd’s.
Lea Cheesbrough, Managing Director of Movo, comments: “Since Brexit passporting and been a real concern for many brokers needing to place European risks and it has also been a source of frustration – preventing brokers from growing profitable European books of business. I’m delighted that with our new Movo Euro Desk we can now give members direct access to markets to service European Casualty business alongside our other international facilities, to support their growth plans. With no need to go via an external wholesaler, our brokers retain their client relationships 100% and retain the brokerage.
We looked at various options including a satellite office in Ireland or Malta, but decided that partnering with Servca provided greater benefits both to the Partnership and to our members. This is a real feather in Movo’s cap; no other network has this ability.”
Movo currently has more than €2m GWP of European business being placed through the Euro Desk and expects to grow that significantly over the next 18 months.
Noah Jamal, Chief Executive Officer at Servca comments: “We’re delighted to be working with Lea and the Movo team. Our ethos, drive and ambition are alike, which makes the partnership more exciting in creating new, unique opportunities for Movo members”.
Servca has 16 European facilities available including specialist Lloyds backed Professional Indemnity, Medical Indemnity and Financial Lines schemes, covering niche risks not typically accommodated by composite insurers. Servcais a registered European Lloyd’s broker, with passporting throughout the European Union, providing clients and partners unfettered access and placement solutions across Europe.
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