Lloyd’s of London’s Servca is coming to Canada

The move will give Canadian brokers direct access to Lloyd's specialist market products

 Lloyd’s of London’s broker, Servca, is expanding to Canada and providing Canadian brokers with direct access to Lloyd’s specialist products including those covering professional liability, medical malpractice and cyber liability.

The move comes as Servca has seen increased demand from Canada for specialist underwriting services and Lloyd’s syndicates, the company says in a press release. Canadian brokers no longer have to access Lloyd’s products through managing general agents (MGA) or Lloyd’s “coverholders”, which are companies authorized by MGAs to enter into insurance contracts underwritten by a Lloyd’s syndicate.

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“The strategic decision has been taken due to demand from Canadian brokers for a specialist approach to liability in financial and professional lines and with direct access to Lloyd’s,” says Nomaan Jamal, managing director at Servca, in a press release. “For the smaller regional brokers in Canada in particular, we are giving them a direct route to London’s specialist underwriting services, without having to go through local MGAs or Lloyd’s coverholders who often charge fees that over erode earnings.”

Servca will also be providing brokers access to its InsurTech platform to take advantage of real-time underwriting. The tool is currently in the final stages of development and will allow products to be underwritten and rated from London while being executed in Canada.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.