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Coverys receives PRA, FCA approval for new London insurance entity

Coverys receives PRA, FCA approval for new London insurance entity | Insurance Business UK

CEO appointed, effective immediately

Coverys receives PRA, FCA approval for new London insurance entity

Life & Health

By Kenneth Araullo

Coverys Limited, a UK entity within the Coverys Group of Companies, has received approval from the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA), effective from June 26th.

This new entity is part of Coverys’ London platforms, which include both insurance company and MGA operations (collectively “Coverys London”).

Coverys Limited has also been approved for inclusion in the NAIC Quarterly Listing of Alien Insurers, effective July 1, 2024. This listing allows a non-US insurer to write excess or surplus lines business in all states on a non-admitted basis.

To lead the newly expanded London operation, Coverys has appointed Stef Raftopoulos (pictured above) as CEO of Coverys London, reporting to Coverys Group CEO Joe Murphy, effective immediately.

“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,” Raftopoulos said.

Additionally, Mike Sibthorpe is also stepping down as CEO of Coverys London after completing the goals set for his tenure. Sibthorpe joined Coverys to lead the reorganisation of the London office and develop an alternative platform to replace Coverys Syndicate 1975.

Coverys London will provide medical professional liability (MPL) insurance for various healthcare clients in the London market, including those previously covered by Coverys’ Lloyd’s Syndicate 1975.

With the new company market platform, Coverys London said that it aims to adopt more lead positions and have substantial flexibility in line-size deployment. Chris Brooking, as CUO of the approved entity, will head Coverys’ medical malpractice underwriting in the London market and report to Raftopoulos.

Coverys London also noted that its clients and partners will benefit from institutional backing, a strong balance sheet, and nearly half a century of experience in medical malpractice insurance.

Clients and brokers will also 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, highlighted the goal of the entity as it aims to further bolster its expertise within the medical professional liability segment.

“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,” Murphy said.

“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,” he said.

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