The medical professional liability insurance provider will be the sole capital provider for Syndicate 1975, which will be managed by Lloyd’s managing agency R&Q Managing Agency (RQMA).
In June, Coverys entered into an agreement with RQMA’s parent company, Randall and Quilter Investment Holdings, to acquire the third-party managing agent.
The syndicate, which has received ‘in principal’ approval from the Lloyd’s Franchise Board, is expected to begin underwriting business on 1 January 2018.
Greg Hanson, CEO and president of Coverys, said: “The syndicate 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.”
Hanson added: “This reinforces Coverys’s commitment to protecting the delivery of healthcare by providing sophisticated insurance and reinsurance capacity to healthcare and provider organisations as well as healthcare captives and RRGs.”