Coverys partners with Polo in Lloyd’s exit strategy
Polo Managing Agency, an independent Lloyd’s turn-key managing agent, has assumed the management of Coverys Syndicate 1975. Starting October, the specialist medical professional lines syndicate will novate to Polo.
In late 2021, Coverys Managing Agency elected to conduct an orderly closure of its Lloyd’s operations including placing Syndicate 1975 into run-off in favour of a dedicated UK- regulated platform. As part of this exit from Lloyd’s, Coverys’ London management team investigated options to manage the run-off of Syndicate 1975 and have selected Polo to undertake managing agent services to support the business.
Under the agreement, the Coverys team will continue to administer claims management and effect such policy endorsements as may be required for Syndicate 1975, with managing agent activities and oversight being undertaken by Polo. Coverys’ day-to-day interactions with brokers and clients will remain unchanged.
Coverys said it remains committed to the London Market and is in the process of establishing a UK regulated platform to continue to service clients and brokers in the global medical community through the London Market.
The transaction adds to Polo’s cohort of syndicates under management and expands its capability to provide full life cycle management and solutions for Lloyd’s platforms entering and exiting Lloyd’s.
The deal allows the syndicate to benefit from both Polo’s syndicate management experience and economies of scale as Covery’s pursues its ongoing underwriting strategy outside of Lloyd’s.
“Polo is delighted to seal this deal,” said PoloWorks and Polo Managing Agency CEO Paul Andrews. “It clearly demonstrates that our full cycle syndicate management solutions are very much in demand by market participants that not only want to enter but also need an exit strategy. This deal also has the double benefit of not only providing stability and reassurance to a number of experienced Coverys syndicate staff, but also increases our bench strength to support our turn-key offering, as Polo continues on its growth journey.”
Mike Sibthorpe, CEO of Coverys Managing Agency, said: “This transaction demonstrates our commitment to policyholders and brokers for the long-term to ensure our Lloyd’s platform continues to support in the most effective way as we establish our UKregulated platform. Coverys has over 45 years protecting and defending the healthcare community, and this transaction cements our position in the London Market today and for the future.”
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