Coverys Managing Agency Limited, the Lloyd’s managing agent of Syndicates 1975, 1991, 3330 and 1110, has agreed to provide capacity for DTW Syndicate 1991.
The managing agent revealed that it will join DTW’s panel of capacity providers as one its largest backers from 1 January 2019.
Both Syndicate 1991 and Coverys Syndicate 1975 have received approval from Lloyd’s for their syndicate business plans and have come in to line for 2019.
The stamp capacities for 2019 are £48 million for Coverys Syndicate 1975 (£34.4 million in 2018) and £126.75 million for DTW Syndicate 1991 (£126.75 million in 2018).
“We have stated consistently that our goal is to utilise underwriters with specialist expertise and businesses in which we ourselves would be prepared to invest,” said Robin McCoy, Chief Executive Officer (CEO) of Coverys Managing Agency. “Providing capacity to Syndicate 1991 is an example of this approach in practice.”
“Coverys Syndicate 1975 has had a successful first year and we are pleased that, despite the testing market conditions, we have received approval to cement our status as a go-to market for medical liability business in Lloyd’s,” he added.
Gregg Hanson, CEO and president of Coverys, also commented: “Coverys launched London about a year ago and we are now primed to embark on the next stage of our strategy. We are very pleased to have the opportunity to provide capacity to the DTW syndicate and support its plans by providing capacity.”