Boston, MA - December 4, 2017
Coverys announced today the completion of the acquisition of R & Q Managing Agency Ltd. (RQMA). Under the terms of the agreement, RQMA, a fully authorized Lloyd’s managing agency based in London, will be renamed Coverys Managing Agency Limited.
The agency currently manages Syndicates 1991, 3330 & 1110, and is in the final stages of the “Making it Happen” process with Lloyd’s to establish Syndicate 1975 as a specialist Medical Professional Liability and Healthcare underwriter. Syndicate 1975 will be exclusively capitalized by Coverys and is expected to commence underwriting on 1 January 2018.
“Coverys’ investment in the managing agency showcases our commitment to expand our activities to meet the needs of a changing market,” said Gregg Hanson, CEO and president of Coverys. “This continued growth offers the ability to expand our sophisticated solutions space while leveraging the leadership team of the former RQMA. We are excited by the formation of our own Syndicate, but remain committed to the provision of management to third party Lloyd’s businesses.”
“We look forward to continuing to build our relationship with Randall & Quilter Investment Holdings Ltd. as we explore opportunities to work together in the future,” said Hanson. “R&Q will remain an active resource for management of legacy portfolios and a liaison for Coverys and Lloyd’s opportunities.”