Coverys Launches London Market Insurer, Approved to Write US E&S Business

Coverys Ltd., a UK entity in the Coverys Group of Companies, has received regulatory authority to launch a London company market insurer, effective June 26.

Coverys Ltd. is part of Coverys’ dedicated London platforms which include both insurance company and MGA operations, collectively known as “Coverys London.” Coverys London writes medical professional liability insurance, including on policies previously written through Coverys’ Lloyd’s Syndicate 1975, which has been in runoff since 2021.

Coverys Ltd. (AA-1120233) also has been approved for admittance to the NAIC Quarterly Listing of Alien Insurers, effective July 1, 2024. A company’s presence on the Quarterly Listing allows a non-U.S. insurer to write excess or surplus lines business in all states on a non-admitted basis.

With the new company market platform, Coverys London will be looking to adopt more lead positions and have substantial flexibility with line-size deployment, the company added.

To lead the newly expanded London operation, Coverys has appointed Stef Raftopoulos as CEO of Coverys London, reporting to Coverys Group CEO Joe Murphy, effective immediately.

Mike Sibthorpe is stepping down as CEO of Coverys London following the completion of the goals set for his tenure, the company said. Sibthorpe had joined Coverys with the task of leading the reorganization of the London office and the development of an alternative platform to replace Coverys Syndicate 1975.

Chris Brooking, as CUO of the approved entity, will head Coverys’ medical malpractice underwriting in the London market and report to Raftopoulos.

Coverys London clients and partners will benefit from the institutional backing, strong balance sheet, and nearly half a century of experience in medical malpractice insurance of Coverys, rated “A” (Excellent) by AM Best.

Clients and brokers will also have access to data analytics and risk management services, as well as education services provided by specialist Coverys subsidiary Med-IQ, Inc., alongside the full Coverys London underwriting offering.

“By creating the Coverys London platform and receiving regulatory approval to commence underwriting, we are delivering what our long-standing clients and partners in the London market expected: a sustainable, nimble, and agile underwriting platform for specialty medical malpractice risk,” commented Joe Murphy, CEO of Coverys, in a statement.

“We are resolutely committed to the London market, have built a strong service and underwriting team, and have acquired a new London office to support and engage with our broking partners and coverholders,” Murphy added.

“I have complete confidence our expert London-based team, under Stef’s leadership, are ideally placed to provide outstanding underwriting service, and we look forward to the continued development of the offering.”

He went on to thank Sibthorpe for his work to realigning the company’s London operations.

“We have worked closely with our London market partners to deliver an expert, efficient, and agile underwriting platform for specialty medical malpractice risk,” said Raftopoulos. “We can now offer our signature best-in-class service to the medical community, and I am personally excited to see our ambitious plans come into fruition.”

With over $4 billion in assets and nearly 50 years protecting the healthcare community, Boston-based Coverys is a specialist in medical professional liability insurance for medical practitioners and healthcare systems.

Approvals for Coverys Ltd. were received from the UK regulators — the Financial Conduct Authority and the Prudential Regulation Authority — and the National Association of Insurance Commissioners (NAIC) in the United States.

Source: Coverys Group

Topics USA Carriers Excess Surplus New Markets London