The insurance service provider Davies has announced that it has secured regulatory consent to extend its broking operations into Europe.
The newly established Davies Broking Europe SRL (DBE) has received approval from the Financial Services and Markets Authority (FSMA) and expects to become an authorised broker under Lloyd's imminently.
With its headquarters in Brussels, DBE is positioned to support brokers within the European Economic Area (EEA), facilitating UK-based broker clients to broaden their operational reach into Europe through a warehousing solution.
DBE is set to offer an alternative solution for managing Lloyd's Managing Agents' internal broker and service company Bureau processing connected to Lloyd's Insurance Company (LIC), alongside Non-Lloyd's Bureau processing for London Market Carriers underwriting EEA business.
Furthermore, it will serve as a partner in bolstering an effective EEA presence for both Lloyd's and non-Lloyd's entities, acting as the EU placing broker.
Capitalising on Davies' standing, DBE will also function as an outsourced service provider, leveraging either its own EEA authorisation or clients' permissions. This arrangement is designed to provide scalable back-office support and expertise.
Matt Lane (pictured above, left), CEO of intermediary & market services and a director at DBE, shared insights into the strategic direction of the new European operation.
“DBE extends our UK broker incubation platform for clients aiming to grow and establish infrastructure in Europe through Brussels. Longer term, our aim is to work with clients who are keen to achieve their own authorisation in Europe through the fast-growing Brussels insurance and reinsurance centre,” Lane said.
“This is a significant step in Davies’ ambitions. We have made no secret of our aim to open new markets for our established and future clients to enable entrepreneurial businesses to deliver innovative solutions in an ever-changing landscape,” DBE director Steven Goate (pictured above, right) said.
“At Davies, we are committed to be where our clients operate and the opening of DBE will further our ambitions. Wherever our clients are in the world, we will be alongside them to partner with them in delivering their development and business growth,” Goate said.
In other recent developments, Davies has also expanded its legal services arm, Keoghs, with the strategic acquisition of Shoreside Law.
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