By: Luke Jones, Published on July 4, 2017 08:02 AM, Last Update on July 4, 2017 05:04 AM
Servca has announced an expansion that will see the company enter the Canadian market. As a result, brokers in Canada will now receive direct access to the liability insurance market in London, UK.
The independent international specialist Lloyd’s broker says it is bringing its network to Canada has part of growth in its global footprint. By using Servca, brokers in the country can directly access Lloyd’s of London products and carriers.
Servca supports distressed and non-standard risks medical malpractice, cyber liability, directors’ and officers’, and professional liability. Through its move into the Canada market, the company is meeting what it calls growing demand in the country from brokers who want to access the specialist underwriting market in London.
Canadian brokers will receive instant access to specialist Lloyd’s policies through Servca’s direct to market model. This means regional brokers can enjoy more client retention but still reduce overheads and meet compliance more easily.
“We are thrilled to be launching in Canada,” said Nomaan Jamal, managing director at Servca. “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.”
The company is also debuting a new insuretech platform in Canada, which will be accessible for brokers. The platform is still being developed but is expected to launch soon. Servca says the solution allows products to be underwritten and rates from London, but implemented in Canada.