Davies has introduced Assurex Global London (AG London), a new wholesale property and casualty brokerage designed to broaden independent brokers’ access to the London and European specialty insurance markets.
For European risks, AG London will operate under the Davies Broking Europe platform, which obtained Lloyd’s accreditation in July 2024. This approval grants entry to the European Economic Area, where demand for specialty coverage continues to expand.
The launch comes as the London Market reinforces its position as the global hub for complex and specialty risks. According to the London Market Group, gross written premiums climbed to $180 billion in 2023, up nearly one-third since 2020. Lloyd’s has mirrored this momentum, reporting £55.5 billion in premiums written in 2024, compared with £35.5 billion four years earlier.
Much of this growth has been driven by specialty classes such as cyber, political violence, and reinsurance. AM Best notes that specialty reinsurance has expanded at an 11% compound annual rate over the past five years, with combined ratios in several segments holding below 90%—a clear indicator of sustained profitability.
This expansion has occurred alongside increasing market consolidation, as large global brokers continue to grow their scale and influence. In turn, many regional and independent firms have struggled to maintain direct access to specialty markets and to match the negotiating power of major intermediaries.
AG London seeks to rebalance the landscape. By leveraging Assurex Global’s international network of independent brokers together with Davies’ technology and regulatory infrastructure, the new brokerage aims to provide smaller firms with the same market reach as global players—while allowing them to preserve their independence.
