Lloyd's has granted broker accreditation to Davies' European broking platform, Davies Broking Europe (DBE).
The accreditation will allow Davies to extend its UK broker incubation platform for clients aiming to grow and establish infrastructure in Europe through Brussels.
The firm asserts that DBE will offer a cost-effective solution to manage the internal broker and service company bureau processing for Lloyd's managing agents. It will also provide non-Lloyd’s bureau processing for London market carriers' underwriting business in the European Economic Area (EEA).
In addition, DBE will act as a strategic partner to facilitate an EEA presence for both Lloyd’s and non-Lloyd’s businesses by serving as the EU placing broker.
Matt Lane, director of DBE, notes: “For UK-based insurance brokers, it has become clear that location is now everything. Those who wish to conduct intermediate European business must physically establish themselves within the single market, with their own management structures and operational models.
“A presence in the Belgian capital offers easier access to the EEA markets, facilitating smoother operations and regulatory compliance.”
Meanwhile, Steven Goate, director of DBE, adds: “Insurance brokers have to seek regulatory registration within the EU, and the process is far from straightforward, with EU regulators becoming ever more prescriptive on the way in which the EU operation is managed and structured.
"DBE can deliver solutions that provide brokers with far more cost-effective and efficient market access."
