Boston, MA - September 26, 2017
Coverys, a leading provider of medical professional liability insurance, is pleased to announce that the Lloyd’s Franchise Board has granted ‘in principle’ approval for Coverys to establish Coverys Syndicate 1975.
Coverys will be the sole capital provider for Syndicate 1975. The new syndicate will be managed by Lloyd’s managing agency, R&Q Managing Agency Ltd (RQMA). Earlier this year, Coverys entered into an agreement with RQMA’s parent company, Randall and Quilter Investment Holdings Ltd, for Coverys to acquire the third-party managing agent.
“The syndicate will write a balanced portfolio of both medical liability insurance and healthcare reinsurance across a broad range of specialty lines in which Coverys has well-established product offerings,” said Gregg Hanson, CEO and president of Coverys. “This reinforces Coverys’ commitment to protecting the delivery of healthcare by providing sophisticated insurance and reinsurance capacity to healthcare and provider organizations as well as healthcare captives and risk retention groups.”
Syndicate 1975 is expected to begin underwriting business on January 1, 2018, subject to completion of the final approval stage of Lloyd’s application process.