Countering uncompetitive renewal terms

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


April 30, 2024

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.


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.

Explore our resources & guides

We’ve boiled down our expertise into guides and articles to help you get to grips with everything to do with healthcare insurance, risk management and professional indemnity.