Davies launches European broking venture, poised for Lloyd’s broker

Davies has received regulatory approval from the Financial Services and Markets Authority (FSMA)for its European broking operations, Davies Broking Europe SRL (DBE), and is set to become an authorised Lloyd’s broker.

Davies’ European operation will be based in Brussels, and service brokers in the European Economic Area (EEA). Its UK branch will also allow existing and future UK broker clients the ability to expand their business into Europe via a warehousing solution.

Davies Broking Europe aims to provide an alternative for handling Lloyd’s Managing Agents’ internal broker and service company Bureau processing related to Lloyd’s Insurance Company (LIC). It will also provide non-Lloyd’s Bureau processing for London Market carriers underwriting EEA business.

Additionally, DBE will also act as a strategic partner to facilitate an effective EEA presence for both Lloyd’s and non-Lloyd’s business, by serving as the EU placing broker.

Matt Lane, CEO of intermediary & market services and a director of DBE, explained: “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.”

DBE will also operate as an outsourced service provider either under DBE’s EEA authorisation or via clients’ own permissions, which will allow it to offer scalable support and expertise for back-office operations.

“This is a significant step in Davies’ ambitions,” Steven Goate, director of DBE said. “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.”

He added: “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 them in delivering their development and business growth.”

 Lane and Goate commented: “The EEA is a significant and attractive market for UK and international businesses and the formation of DBE provides a creative and flexible way to access the market quickly, efficiently and cost effectively for businesses of all sizes.”

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