Coverys Managing Agency, the Lloyd’s managing agent for Syndicates 1975, 1991, 3330 and 1110, has agreed to become a capacity provider for DTW Syndicate 1991.
The managing agent said that it will join DTW’s panel of capacity providers as one its largest backers from 1 January 2019.
The news comes as the business plans of both Syndicate 1991 and Coverys Syndicate 1975 received the green light from Lloyd’s, with the Corporation approving respective 2019 stamp capacities of £126.8mn (flat year-on-year) and £48mn (up from £34.4mn in the year prior).
Coverys Managing Agency chief executive Robin McCoy said: “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,”
“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.”
US medical malpractice insurer Coverys completed its acquisition of R&Q’s Lloyd’s managing agency - which manages Syndicate 1991 and reinsurance-to-close (RITC) Syndicate 3330 and also provides back office support to China Re Syndicate 2088 – in December 2017.