This new entity was formed by 3 producing brokers incorporating their existing international liability accounts with the support of external investors. To do so, they needed to work in an FCA authorised environment that gave open access to the Lloyd’s market.
Davies Insurance Services successfully facilitated the establishment of a newly formed entity. We also provided them with a regulatory framework, operational support and open access to the Lloyd’s market to assist in evolving the business into a successful wholesale insurance broker.
We successfully launched and hosted a more mature and operationally efficient, wholesale insurance broker who has plans of becoming independent.
Davies Insurance Services provided this broker with an Appointed Representative status under our permissions within 3 months, along with a Lloyd’s CSN number for the exclusive use of this new entity, which allowed them to trade within the Lloyd’s community.
If the brokers were to have done this themselves, it would have taken approximately 12-18 months. Therefore, we saved them circa 12 months in time.
Our client has been successfully trading for 3 years and has grown into a team of over 25 full time employees. Davies Insurance Services continues to provide regulatory oversight, access to the Lloyds market through our own CSN and operational support.
With the support of Davies Insurance Services, our client is now in the final stages of preparing its own Part IV submission, after which the CSN will be transferred over accordingly.
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