How demand in Canada factored into merger of two Lloyd’s brokers

An increased demand from Canadian brokers for more “problem-solving” insurance solutions, such as specialist cyber coverage, is a factor behind the recent merger between Endeavour Insurance Services and SSL Insurance Group.

Lloyd’s broker and delegated authority specialist Endeavour recently announced an agreement to merge with fellow Lloyd’s and independent specialist marine broker SSL. The transaction is expected to be completed 2018 Q2 and will conclude with the acquisition of both companies by a fund advised by private investment firm J.C. Flowers & Co. LLC, Endeavour said in a statement.

Endeavour founder and CEO David Lawrence told Canadian Underwriter recently that there has been an increased demand from Canadian brokers for more problem-solving solutions, “and we are perfectly positioned to provide tailored solutions placed with the underwriting capacity in the London market.” Endeavour is also seeing increased demand for more “white label” insurance product portal solutions from Canadian clients, allowing them to market and promote specialist insurance products in their local markets.

“We expect both trends to continue in 2018-19,” Lawrence said.

The combined business will operate as SSL Endeavour and the leadership team at both companies will remain in place, with Lawrence continuing as CEO of Endeavour and Roger Spicer retaining his role as CEO of SSL.

“The combined strength of SSL Endeavour also allows us to continue our focus and investment in new technology to streamline processes and improve the flow of Canadian business into the specialist London market,” Lawrence said. “This is particularly relevant with claims handling technology,” he said, adding that Endeavour’s Advantage claims handling product is a single data entry platform that allows Canadian coverholder and third-party administrator claims to be processed directly into London’s central systems, “removing costly duplication and delays, for instance.”

Founded in 1999, Endeavour employs 44 people in its London headquarters and has divisions supporting business from Canada, the United States, Europe and the rest of the world, as well as cyber.

Established in 2003, London-headquartered SSL supports clients in more than 80 countries, and employs 42 people. As well as its marine expertise, SSL specializes in other insurance classes, including cash in transit, financial institution and political risk.

“All these sectors dovetail with and enhance the expertise at Endeavour,” Lawrence said. “Together, SSL Endeavour will offer a wider scope for our Canadian clients.”