Verve Risk Services has introduced a new captive insurance product and its ‘Verve Aura’ broker portal, designed to meet evolving customer needs.
The move, supported by specialist MGA services platform OneAdvent, aims to provide multi-line solutions to complement Verve's existing coverage lines and bolster its offering within the insurance intermediary and captive space.
The ‘Micro-Captive Defender’ product provides captive insurance companies with defence cost coverage.
Scott Simmons, director and co-founder of Verve Risk Services and lead underwriter for the programme, elaborates: “[The new product includes] coverage for fines and penalties related to IRS investigations arising from 831(b) status, the exploitation of which has rocked the captive marketplace.”
Furthermore, in its bid to provide an all-encompassing solution to its clients and producers, the firm states that it has spent the last 12 months developing the ‘Verve Aura’ portal, which has streamlined the way in which brokers can provide insurance to their clients.
Alan Lambert, director and co-founder of Verve Risk Services, comments: “We wanted to make the system as easy to use as possible and improve the process of quoting, document production, and invoicing.”
