Coverys Announces Expanded London Insurance Platform with Regulatory Approval
July 09 2024 - 10:00AM
Business Wire
Expansion Is Part of Company’s Global Growth
and Diversification Strategy
Coverys, a leading provider of medical professional liability
(MPL) insurance and healthcare risk mitigation services, announces
that Coverys Limited has received Prudential Regulatory Authority
(PRA) and Financial Conduct Authority (FCA) approval to commence
underwriting, effective June 26, 2024. This approval enables the
organization to expand its offerings in the London market,
supporting Coverys’ global growth and diversification strategy.
Coverys Limited (AA-1120233) has also been approved for
admittance to the National Association of Insurance Commissioners
(NAIC) Quarterly Listing of Alien Insurers, effective July 1, 2024.
A company’s 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. Regulatory approval comes on the heels of AM
Best assigning an Excellent Financial Strength Rating (FSR) and a
Long-Term Issuer Credit Rating (Long-Term ICR) of “A” (Excellent)
to Coverys Limited.
Coverys Limited is part of Coverys’ dedicated London platform,
which includes both an insurance company and MGA operations
(collectively “Coverys London”). To lead the newly expanded London
operation, Coverys has appointed Stef Raftopoulos as CEO of Coverys
London, reporting to Coverys CEO Joseph Murphy. In addition, Chief
Underwriting Officer Chris Brooking and Finance Director Michael
Bell, who together with Raftopoulos bring more than 85 years of
combined global insurance experience to the team, will assist
Raftopoulos in heading the Coverys London operation.
Mike Sibthorpe is stepping down as CEO of Coverys London
following the completion of the goals set for his tenure. Sibthorpe
joined Coverys with the task of leading the reorganization of the
London office and the development of an alternative platform to
replace Coverys’ Syndicate 1975.
Building on the organization’s commitment to the London market,
Coverys London 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 and risk mitigation services. This includes an expansion
of the services and flexibility previously provided through
Coverys’ Syndicate 1975.
Coverys London clients and partners will benefit from the
institutional backing of Coverys, with its strong balance sheet and
nearly half a century of experience in medical malpractice
insurance. They will also have access to data analytics and risk
management services, as well as education services provided by
Coverys subsidiary Med-IQ, Inc., alongside the full Coverys London
underwriting offering.
Joseph G. Murphy, President and CEO of Coverys, said, “With the
creation of the Coverys London platform and regulatory approval,
Coverys can expand options for risk-taking through the London
marketplace while also providing the level of service and expertise
our long-standing clients and partners have come to expect.” He
further added, “The expansion of our London platform is just one of
the ways we are evolving our offerings across the markets we serve
to further our mission to protect and support healthcare
professionals worldwide.”
To learn more about Coverys or Coverys London, visit
https://www.coverys.com/.
About Coverys
With over $4 billion in assets and nearly 50 years protecting
healthcare, Coverys is a leading provider of medical professional
liability insurance. Coverys provides a full range of healthcare
liability insurance options, along with advanced data analytics, to
provide evidence-based processes and best-in-class risk management
and education resources. With Coverys, customers can be confident
that they are free to focus® on improving clinical, operational,
and financial outcomes.
*Coverys Limited (COVL’s) is a member company of rating unit
Coverys Companies (Coverys), and the ratings reflect COVL’s role as
an indirect wholly owned subsidiary of Medical Professional Mutual
Insurance Company, the lead company of Coverys.
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Jamie Allyn MERGE 909.908.3522
MERGECoverysPRTeam@mergeworld.com