Coverys Limited, part of the company’s dedicated London platforms which include both insurance company and MGA operations, (collectively Coverys London), has launched as a company market underwriting platform following approval from the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA).
Coverys Limited has also been approved for admittance to the NAIC Quarterly Listing of Alien Insurers, effective July 1, 2024. An organisations presence on the Quarterly Listing allows a non-U.S. insurer to write excess or surplus lines business in all states on a non-admitted basis.
To lead the newly expanded London operation, the company has appointed Stef Raftopoulos as CEO of Coverys London, reporting to Coverys Group CEO, Joe Murphy, effective immediately.
At the same time, it has been announced that Mike Sibthorpe is stepping down as CEO of Coverys London following the completion of the goals set for his tenure.
Sibthorpe had joined the business with the task of leading the reorganisation of the London office, as well as the development of an alternative platform to replace Coverys Syndicate 1975.
From what we understand, Coverys London will provide medical professional liability insurance for a wide variety of healthcare clients across the London market, which even includes those previously written through Coverys’ Lloyd’s Syndicate 1975.
Now with the new company market platform, it is very clear that Coverys London will be looking to adopt more key positions and have substantial flexibility on line-size deployment.
In addition, Chris Brooking, as CUO of the approved entity, will lead Coverys’ medical malpractice underwriting in the London market and report to Raftopoulos.
Another key factor to note, Coverys London clients and brokers will have access to data analytics and risk management services, as well as education services provided by specialist Coverys subsidiary Med-IQ, Inc., alongside the full Coverys London underwriting offering.
Joe Murphy, CEO of Coverys, commented: “By creating the Coverys London platform and receiving regulatory approval to commence underwriting, we are delivering what our long-standing clients and partners in the London market expected: a sustainable, nimble, and agile underwriting platform for specialty medical malpractice risk.”
Adding: “We are resolutely committed to the London market, have built a strong service and underwriting team, and have acquired a new London office to support and engage with our broking partners and coverholders. I have complete confidence our expert London-based team, under Stef’s leadership, are ideally placed to provide outstanding underwriting service, and we look forward to the continued development of the offering.
“I would also like to thank Mike Sibthorpe for all his efforts in realigning our London operations and wish him all the best in his next projects.”
Stef Raftopoulos, CEO of Coverys Limited, said: “We have worked closely with our London market partners to deliver an expert, efficient, and agile underwriting platform for specialty medical malpractice risk. We can now offer our signature best-in-class service to the medical community, and I am personally excited to see our ambitious plans come into fruition.”
