Carvill Forms Insurance Derivative Brokerage

Reinsurance broker Carvill said it has joined with a financial broker to create an insurance derivative brokerage company.

The London-based broker said it has formed a partnership with Tradition Financial Services Energy, a global financial broker in over-the-counter physical and derivative products including currency options, equity and property derivatives, freight, precious metals, energy, and pulp and paper markets.

The joint venture will provide derivative brokerage and advisory services to all of their respective clients and markets, Carvill said.

Carvill said an insurance derivative “can be described as an instrument for pricing, procuring, negotiating or transferring insurance policies and contracts.”

Under this agreement, the joint venture will be managed by both companies and will operate out of TFS Energy's office in Stamford, Conn.