Medical professional liability insurer, Coverys, has received ‘in principle’ approval from the Lloyd’s Franchise Board to establish Coverys Syndicate 1975.
The new syndicate will be managed by Lloyd’s managing agency R&Q Managing Agency Ltd (RQMA), and will function with Coverys as its sole capital provider.
Gregg Hanson, Chief Executive Officer and president of Coverys, said; “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.
“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.”
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.
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.