Davies gets greenlight for European broking operations

Davies has announced that it has received regulatory approval for its European broking operations arm.

The division, called Davies Broking Europe SRL (DBE), got the greenlight from the Financial Services and Markets Authority (FSMA) and is set to become an authorised Lloyd’s broker.

It will provide an alternative for handling Lloyd’s Managing Agents’ internal broker and offer non-Lloyd’s bureau processing for London market carriers underwriting European economic area (EEA) business.

The operation will be based in Brussels - the UK branch, meanwhile, will allow existing and future UK broker clients the ability to expand their business into Europe via a warehousing solution.

Matt Lane, chief executive of intermediary and market services and director of DBE, said: “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.”

EEA

DBE will act as a strategic partner to facilitate an EEA presence for both Lloyd’s and non-Lloyd’s business.

It can also operate as an outsourced service provider either under DBE’s EEA authorisation or via clients’ own permissions.

This will allow DBE to offer support and expertise for back-office operations.

Steven Goate, director of DBE, said: ”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.

“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.”