Davies is rebranding its Requiem intermediary business, as the firm looks to widen its service offering. It will be now known as Davies Intermediary Support Services Limited.
Requiem was acquired in 2018 from R&Q and, according to Davies, has grown substantially since then, having worked with major brokers providing back office and legacy services. Davies added that the new name comes with a move to include support of the group’s MGA operations. It will also play a key role in Davies’s provision of support at both ends of the MGA lifecycle.
The operation will continue to work with broking clients and with the wider Davies team to provide support for the group’s MGA incubation offering, as well as lead in the management of discontinued MGAs via its Insurance Wrap product.
According to Davies, the MGA Wrap Solution aims to deliver certainty to the MGA owner and/or the insurance carrier, by taking away the responsibility for management issues from the owner or carrier of a discontinued MGA from a set point in time. Where it is able to do so, Davies, through its subsidiary Davies Intermediary Support Services Limited, may purchase the discontinued entity in its entirety, with an agreed fee to cover the run-off. If it is not possible to acquire the entity, Davies can enter into an agreement to manage all aspects of the run-off.
“The rebranding of our successful Requiem operation to Davies Intermediary Support Services is a natural progression given the way it has developed to mirror the needs of our customers across the market,” said Chris Butcher, CEO of Davies Intermediary Services.
Butcher added that the maturity of the MGA sector, coupled with some challenging market conditions, has prompted increased demand for support for MGAs which have decided to discontinue.
“While the name has changed the benefits and values we deliver to our clients have not,” added Steve Goate (pictured), Davies’s director of intermediaries support services. “Our back office services are available across all intermediaries. For the past two years, we have been working with our colleagues within the wider Davies team on an increasing number of products for an ever-growing group of clients. The rebranding brings additional clarity to our current clients and enables us to further leverage the strength of the global Davies brand.”