The Movo Partnership Network has launched a Euro desk, in partnership with Servca, an independent international specialist Lloyd’s broker.
The desk will give Movo's brokers direct access to specialist underwriting services in London and specialist Lloyd’s syndicates for European casualty business, without the need to go through local MGAs or Lloyd’s coverholders. According to Movo, this will allow its brokers to retain greater brokerage, client retention and control, as well as reduce overhead costs and regulatory challenges in a post-Brexit era. As part of the deal, Movo has two dedicated specialty placing brokers within Servca, which will improve service efficiency.
“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,” said Lea Cheesbrough, managing director of Movo. “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.”
Cheesbrough said that Movo looked at other options, including a satellite office in Ireland or Malta, but it decided that partnering with Servca would result in greater benefits for both Movo and its members.
Movo currently has GWP of more than €2 million in European business being placed through the Euro desk and it expects that figure to grow that significantly over the next 18 months.
“We’re delighted to be working with Lea and the Movo team,” said Noah Jamal, CEO of Servca. “Our ethos, drive and ambition are alike, which makes the partnership more exciting in creating new, unique opportunities for Movo members.”
Servca has 16 European facilities, including specialist Lloyds-backed professional indemnity, medical indemnity, and financial lines schemes, covering niche risks not typically accommodated by composite insurers. Servca is a registered European Lloyd’s broker, with passporting throughout the European Union, providing its clients across Europe access to the market.