Canadian brokers will now have direct access to the London liability insurance market.
Servca, the independent international specialist Lloyd’s broker, announced the expansion of its global footprint into Canada on Friday (June 30). Through Servca, Canadian brokers can get direct access to Lloyd’s of London specialist products, schemes and carriers.
The service caters for non-standard and distressed risks across professional liability, directors’ and officers’, medical malpractice and cyber liability cover.
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It's expansion into Canada is a direct result of surging demand from Canadian brokers for access into London’s specialist underwriting services. Servca offers a direct to market approach for white-labelled facilities and programs and grants Canadian brokers instant access to specialist Lloyd’s policy wordings. The ‘direct’ approach helps regional brokers retain greater brokerage, client retention and control, while reducing overheads and compliance burdens.
“We are thrilled to be launching in Canada,” said Nomaan Jamal, managing director at Servca. “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.
“We want to provide our Canadian partner brokers, big and small with access to the most innovative insurance market in the world in the most streamlined way possible. For the smaller often neglected 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 provide brokers with access to a new insurtech platform, which is currently in the final stages of development. This platform will allow products to be underwritten and rated from London, while being implemented in Canada.
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