Tuesday, June 25, 2024

Lloyd’s approves Devonshire Underwriting to write business in Europe – Reinsurance News

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Devonshire UW Limited, and its affiliate Devonshire UW Europe GmbH, together known as Devonshire Underwriting, has received Lloyd’s approval to launch into the European Market.

Devonshire Underwriting, a managing general agent (MGA) specialising in underwriting transactional risk (TR) solutions, is now able to write business in Europe, serving the market that includes the Nordics, Germany, France, Spain, Benelux, Poland, Italy and CEE countries.

These markets are known for their strong, developed M&A environments and substantial TR risk activity. Additionally, there is significant and growing demand across Europe for Tax and Contingent classes.

According to the announcement, key sectors for large transactions will include infrastructure, technology, logistics, healthcare and financial services.

Headquartered in London, Devonshire is led by four experienced founders and partners, Natasha Attray, James Dodd, James Fletcher, and Charles Turnham.

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Commenting on Lloyd’s approval, Attray said: “It’s great news to have the green light from Lloyd’s to proceed with our European growth plans. We are excited about the market opportunities in Europe and are in the process of expanding our underwriting team to meet the anticipated demand. More updates will follow as we continue to grow.”

Dodd added: “With macroeconomic stability returning to Europe, conditions for transactions are improving, creating an ideal environment for our services. We are well-positioned to support this resurgence in both deal activity and tax, W&I, and contingency risk transfer.”

The MGA’s products include Warranty & Indemnity (W&I) Insurance, Tax Insurance, and Contingency Insurance, with a particular focus on a streamlined, responsive underwriting process that embraces creativity and best-in-class service.

James Fletcher, Partner, Devonshire, said: “We would like to thank Lloyd’s and Pro MGA Global Solutions for their approval and support, as well as our insurance and broker partners. Their confidence in our vision and capabilities has been instrumental in our launch, and we are dedicated to delivering on our growth plans.”

Charles Turnham, Partner, Devonshire, said: “The European market presents significant opportunities for innovative TR solutions. Our team’s deep expertise and responsive approach will enable us to capitalise on these opportunities and provide exceptional service to our clients. We look forward to working with our network across Europe to support some of the most significant transactions in the pipeline.”

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