Martin Barraud / iStock
US medical professional liability insurer Coverys has received in-principle approval from Lloyd’s Franchise Board to establish Coverys Syndicate 1975.
The syndicate will write a portfolio of both medical liability insurance and healthcare reinsurance across a broad range of specialty lines, with a focus on healthcare captives and risk retention groups.
The new syndicate will be managed by Lloyd’s managing agency, R&Q Managing Agency (RQMA). Coverys will be the sole capital provider for Syndicate 1975.
Earlier this year, Coverys entered into an agreement with RQMA’s parent company, Randall and Quilter Investment Holdings, for Coverys to acquire the third-party managing agent.
Gregg Hanson, CEO and president of Coverys, said: "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."
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.
Coverys, Lloyd’s Franchise Board, R&Q Managing Agency, RQMA, Syndicate 1975, Gregg Hanson, US