Coverys, a provider of medical professional liability insurance, has announced the launch of Coverys European Holdings Limited (CEH), an Agency platform and network that will invest in and collaborate with managing general agencies in Continental Europe and the UK.
The new business will target non-competing MGAs across Europe with complementary portfolios in the professional lines sector.
CEH will be led by a management team headed by Steven Spano as Chief Executive Officer (CEO) and Doug Robare as Chief Underwriting Officer (CUO).
Spano previously worked as UK Country Manager at Generali Group, and also served as Chief Financial Officer for Generali UK and as Chief Financial Officer of Travelers managing agency at Lloyd’s.
Robare, meanwhile, used to be Global Head of Financial Lines at Generali Group, and was previously Head of Financial Lines and Professional Liability at Aviva, having begun his career at AIG Europe.
“Coverys European Holdings marks another key milestone in the Coverys international growth strategy,” said Philippe Sloan, Director of Underwriting for the Coverys Managing Agency and a Director of CEH.
“Steven and Doug are the ideal candidates to launch a business which will set itself apart through its focus on exceptional underwriting,” Sloan continued.
“We will empower MGA’s across Europe and the UK by providing them with the pricing and infrastructure capabilities and support to grow as we enter a hardening market. This is an exciting time for Coverys and we are certain CEH will make an immediate and clear impact in our target markets.”
Spano also commented: “There is a clear gap in the market for a new approach to bring together MGA businesses with a common interest. The Coverys philosophy is based on investing in specialist underwriting expertise.”
“Through this new venture, CEH will enable skilled underwriters to participate in a network that allows them to leverage new avenues for distribution and to offer a broader suite of products, with the immediate focus being in the professional lines space.”