Verve Risk Services creates new captive product

London-based Verve Risk Services has announced the launch of a new captive insurance product and its ‘Verve Aura’ broker portal, designed to meet evolving customer needs.

Following investment from BP Marsh just over a year ago, Verve has been supported by OneAdvent, the specialist MGA services platform.  The company said that the new product is another step towards providing multi-line solutions to complement its existing coverage lines and to bolster its offering within the insurance intermediary and captive space.

In partnership with Michael Maglares & Company, Verve’s newly announced ‘Micro-Captive Defender’ product provides captive insurance companies with defence cost coverage.

Scott Simmons, Verve director and co-founder and lead underwriter for the program, said: “This includes coverage for fines and penalties related to IRS investigations arising from 831(b) status, the exploitation of which has rocked the captive marketplace.”

In its bid to provide an all-encompassing solution to its clients and producers, Verve have also spent the last 12 months developing their ‘Verve Aura’ portal, which has streamlined the way in which brokers can provide insurance to their clients.

“We wanted to make the system as easy to use as possible and improve the process of quoting, document production and invoicing,” commented Alan Lambert, director and co-founder of Verve.

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