London-based Lloyd’s broker Servca has been appointed a premier member of Broker Network, it was revealed this week, and the firm says it is keen to establish connections with regional brokers.
The independent insurance group, headquartered in the City, specialises in non-standard professional, financial & medical indemnity insurance and risk management, operating in the UK as well as internationally in Canada and the US.
“As a Lloyd’s broker based in London – and I think most Lloyd’s brokers will probably agree with me here – because we’re not in a footloose industry, it’s often difficult to reach out to the smaller, regional brokers around the UK,” managing director Nomaan Jamal told Insurance Business.“I think that the partnership between Servca and Broker Network is going to benefit both parties, in the sense that it will give regional brokers access to the London market and to our exclusive schemes that we will have with Broker Network. Equally, it will give us access to the 600-strong network for commercial insurance. So I think it’s a two way street in terms of benefits,” Jamal explained.
The deal, which was around 18 months in the making, will bring Servca’s specialist expertise in its field to the market – which Jamal hopes will be welcomed by regional players.
“I feel that by being focused on a certain segment of insurance, most regional brokers – and most networks too – feel slightly more comfortable working with a true specialist, in that they know we’re not going to encroach into their own space… and equally, being a true specialist, we can actually add value by knowing the underwriting expertise and technical ability that we’ve got in those respective products,” he explained.
Looking ahead, Servca, which was founded in 2011 and became a Lloyd’s broker two years ago, will continue to focus on its core offering of healthcare liability and medical indemnity products, but is keen to expand further into Europe, the US and Canada.“We are already very active in Canada at the moment, and relatively active in the US, but what we’re looking to do is almost relaunch ourselves in these respective jurisdictions and see how and where we can add value in emerging markets,” Jamal said.