Coverys Gets Green Light From PRA and FCA

The latest from Coverys, as they get the green light from the PRA and FCA;

Coverys Limited, a UK entity in the Coverys Group of Companies, has received Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA) approval, effective June 26th. Coverys Limited is part of Coverys’ dedicated London platforms which include both insurance company and MGA operations (collectively “Coverys London”).

Coverys Limited (AA-1120233) has also been approved for admittance to the 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.

To lead the newly expanded London operation, Coverys has appointed Stef Raftopoulos as CEO of Coverys London, reporting to Coverys Group CEO Joe Murphy, effective immediately. Mike Sibthorpe is stepping down as CEO of Coverys London following the completion of the goals set for his tenure.  Mike had joined Coverys with the task of leading the reorganisation of the London office and the development of an alternative platform to replace Coverys Syndicate 1975.

Coverys London will provide medical professional liability insurance for a range of healthcare clients in the London market, including those previously written through Coverys’ Lloyd’s Syndicate 1975.

With the new company market platform, Coverys London will be looking to adopt more lead positions and have substantial flexibility on 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 clients and partners will benefit from the institutional backing, strong balance sheet, and nearly half a century of experience in medical malpractice insurance of Coverys, rated A (Excellent) by AM Best.

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.