Davies has launched Assurex Global London (AG London), a new wholesale property and casualty brokerage designed to expand independent brokers' access to the London and European specialty markets.
The new firm, part of the Assurex Global partnership of more than 100 independent brokers, will operate as an Appointed Representative on the Davies Broking Services platform. AG London begins trading with a focus on professional and financial lines, marine and cargo stock throughput, product recall, cyber, contingency, terrorism and political violence. More product lines are expected to follow, the company said.
For European risks, AG London will trade under the Davies Broking Europe platform, which secured Lloyd’s accreditation in July 2024. The approval provides access to the European Economic Area, a region where appetite for specialty coverages continues to grow.
Will Ripley, president of AG London, said the support from Davies in setting up the brokerage had enabled the firm to begin trading from September 1. He added that AG London’s goal is to work with independent brokers across the Assurex Global network and beyond.
London market's expanding role
The launch comes as the London Market consolidates its role as the global hub for complex risks. Figures from the London Market Group showed gross written premiums reached $180 billion in 2023, a rise of nearly one-third since 2020. Lloyd’s has also seen sharp growth, reporting £55.5 billion in premiums written in 2024, compared to £35.5 billion four years earlier.
Specialty classes such as cyber, political violence, and reinsurance have driven much of that expansion. According to AM Best, specialty reinsurance has been growing at an 11% compound annual rate over the past five years, and combined ratios across several lines remain below 90%, underscoring continued profitability.
This growth has occurred alongside market consolidation, with global brokers expanding their footprint and scale. That has left some regional and independent firms struggling to maintain access to specialty markets and to compete with the negotiating power of larger intermediaries.
AG London is positioning itself as a counterweight to this trend. By combining Assurex Global’s independent broker network with Davies’ technology and regulatory infrastructure, the new brokerage aims to give smaller firms the same reach as their global competitors while preserving independence.
