October 25, 2022
The partnership gives brokers in the Movo network direct access via Servca to London market specialist underwriting services and Lloyd’s syndicates for European Casualty business, without the need to go through local MGAs or Lloyd’s Coverholders. It allows the Movo brokers to retain greater brokerage, client retention and control, whilst reducing overheads and regulatory challenges in a post ‘Brexit’ era.
Nomaan (Noah) Jamal, Chief Executive Officer of Servca Group, said:
“We’re delighted to be working with Lea Cheesbrough and his team and, 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.
We are a registered European Lloyd’s broker, with passporting throughout the European Union, providing clients and partners seamless access and placement solutions across Europe. Our shared ethos, drive and ambition makes the partnership with Movo more exciting in creating new and unique opportunities for its network members.”
Lea Cheesbrough, Managing Director of Movo, said:
“Since Brexit passporting has 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.”
Servca has 16 European facilities available including specialist Lloyd’s backed Professional Indemnity, Medical Indemnity and Financial Lines schemes, covering niche risks not typically accommodated by composite insurers.
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.