Countering uncompetitive renewal terms

Countering uncompetitive renewal terms

Countering uncompetitive renewal terms

30 Apr 2024

We're an independent wholesale-focused business, with you and your clients' interests at the heart of what we do.

Setting the scene

Servca was recently approached by one of our own, a fellow Lloyd’s broker in the market, who expressed concerns about the cost of their Errors & Omissions (E&O) insurance. Despite being with their previous broker for several years, they were concerned whether their upcoming renewal terms were competitive.

Strategy Implementation

Upon receiving their request for assistance, Associate Director, Macauley Geddes, promptly arranged a call with the brokerage owner. After which the existing policy wording, limit basis, deductible, policy coverage, terms, and conditions, as well as the current rating basis, were thoroughly reviewed.

Approaching the Market

During discussions, Macauley delved into prior annual revenues, forecasts for future years, and identified a significant shift in international exposure, particularly in South Africa. This provided an opportunity to underwrite the risk at a more competitive level. By scrutinising fee income and revenues, Servca agreed to rate the Professional Indemnity (PI) insurance based on a 5-year average, incorporating a more competitive rate aligned with prevailing market conditions.

Presentation of Terms

Servca engaged with 6 markets to explore various options and used these to identify the most competitive and comprehensive quotation available. Resulting in a remarkable 35% saving on the renewal quote for the insured.

Outcome

The client was exceptionally pleased with the outcome banking a significant year on year saving reflecting Servca's commitment to thoroughly understanding client needs and delivering the tailored solutions.

Our promise to you

We're an independent wholesale-focused business, with you and your clients' interests at the heart of what we do. We ensure your clients' submissions are marketed thoroughly through our deep relationships with Lloyd’s syndicates, and we're dedicated to creating value and maximising opportunities for your business.

Setting the scene

Servca was recently approached by one of our own, a fellow Lloyd’s broker in the market, who expressed concerns about the cost of their Errors & Omissions (E&O) insurance. Despite being with their previous broker for several years, they were concerned whether their upcoming renewal terms were competitive.

Strategy Implementation

Upon receiving their request for assistance, Associate Director, Macauley Geddes, promptly arranged a call with the brokerage owner. After which the existing policy wording, limit basis, deductible, policy coverage, terms, and conditions, as well as the current rating basis, were thoroughly reviewed.

Approaching the Market

During discussions, Macauley delved into prior annual revenues, forecasts for future years, and identified a significant shift in international exposure, particularly in South Africa. This provided an opportunity to underwrite the risk at a more competitive level. By scrutinising fee income and revenues, Servca agreed to rate the Professional Indemnity (PI) insurance based on a 5-year average, incorporating a more competitive rate aligned with prevailing market conditions.

Presentation of Terms

Servca engaged with 6 markets to explore various options and used these to identify the most competitive and comprehensive quotation available. Resulting in a remarkable 35% saving on the renewal quote for the insured.

Outcome

The client was exceptionally pleased with the outcome banking a significant year on year saving reflecting Servca's commitment to thoroughly understanding client needs and delivering the tailored solutions.

Our promise to you

We're an independent wholesale-focused business, with you and your clients' interests at the heart of what we do. We ensure your clients' submissions are marketed thoroughly through our deep relationships with Lloyd’s syndicates, and we're dedicated to creating value and maximising opportunities for your business.

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE



+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies

Global Headquarters

Servca Group

Dukes House

32-38 Dukes Place

5th Floor

London, EC3A 7LP

United Kingdom


+44 (0) 207 2250000

info@servca.com


Broker at Lloyd’s SLM1389

European Office

Servca Europe

Dragonara Business Centre

Dragonara Road

5th Floor

St Julian’s, STJ 3141

Republic of Malta


+356 (20) 341690

eu@servca.com


Broker at Lloyd’s (Brussels) SLM1883

Canadian Office

Servca Canada Insurance Group Inc
40 King Street West
Suite 2100
Toronto
M5H 3C2
Canada


+1 (647) 846 5555

canada@servca.com


Non-regulated servicing company

Northern Ireland

Servca Northern Ireland
River House Belfast

48-60 High Street

Belfast

BT1 2BE


+44 (0) 2895582000

ni@servca.com


Broker at Lloyd’s SLM1389

© 2024 Servca


Servca Group Ltd is a private limited company registered in England and Wales; Registered Number: 7727494; Registered Office: Dukes House, 32-38 Dukes Place, 5th Floor, London, EC3A 7LP, United Kingdom. Authorised and regulated by the Financial Conduct Authority. Servca European Insurance Brokers Ltd (a private limited company incorporated in Malta and enrolled to act as an insurance broker); Tower Business Centre, Level 3, Tower Street, Swatar, BKR, 4013, Republic of Malta. UK branch office is registered in England and Wales, authorised and regulated by the Financial Conduct Authority. Servca Canada Insurance Group Inc, a private limited company incorporated at 40 King Street West, Suite 2100, Toronto, M5H 3C2, Canada. Servca group of companies are owned and operated by Servca Group Holdings Ltd, a private limited company registered in England & Wales.

Privacy Policy

Cookies