Coverys European Holdings Limited (CEH), a division of Coverys which invests in specialty managing general agencies (MGAs) across continental Europe and the UK, has announced the completion of its first acquisition.
For its first acquisition, CEH has purchased a Lloyd’s of London Coverholder and Broker, TPA, and MGA business providing liability solutions for public and private bodies across Italy, called AEC SpA.
Following the takeover, the AEC team, which is led by Chief Executive Officer (CEO), Fabrizio Callarà, will continue to manage the business and alongside CEH, will leverage technology and expertise to drive growth. Under the terms of the agreement, AEC will continue to operate under its existing and established brand.
The CEO of CEH, Steven Spano, commented: “AEC is a business that we have known for some time, and I am delighted they are the first MGA to join the CEH group. Fabrizio and his team have built an excellent reputation through expert, specialist underwriting. I am certain that our combined strengths will enable us to take AEC to the next level.”
AEC’s Callarà added: “We are pleased to join the CEH group and look forward to a successful collaboration. Steven and the team are building a world-class underwriting business, and I am confident that their focus on helping entrepreneurial underwriters realise their ambitions will allow AEC to achieve our collective growth initiatives in the Italian market.”
Coverys announced the launch of its new Agency platform and network, CEH, earlier this month, stating that it will target non-competing MGAs across Europe with complementary portfolios in the professional lines sector.