Coverys provides capacity for DTW Syndicate 1991
Coverys Managing Agency, the Lloyd’s managing agent of Syndicates 1975, 1991, 3330 and 1110, is joining DTW’s panel of capacity providers, as one of its largest backers, from January 1, 2019.
Syndicate 1991 operates in property, liability, professional indemnity, directors’ and officers’ and accident and health, both on a stand-alone basis and as part of a package policy designed specifically for a trade or profession.
Both Syndicate 1991 and Coverys Syndicate 1975 have received approval from Lloyd’s for their syndicate business plans and have come in to line for 2019, according to a corporate statement. The stamp capacity for DTW 1991 has remained unchanged in 2019 compared to the previous year at £126.75 million. For Coverys 1975 the stamp capacity has increased to £48 million in 2019 from £34.4 million in 2018.
“We have stated consistently that our goal is to utilise underwriters with specialist expertise and businesses in which we ourselves would be prepared to invest,” said Robin McCoy, CEO of Coverys Managing Agency. “Providing capacity to Syndicate 1991 is an example of this approach in practice.
“Coverys Syndicate 1975 has had a successful first year and we are pleased that, despite the testing market conditions, we have received approval to cement our status as a go-to market for medical liability business in Lloyd’s,” McCoy added.
Coverys Managing Agency is a fully authorized Lloyd’s managing agency and delivers the services necessary for the management and oversight of existing syndicates. As a third-party managing agent, it also assists businesses in launching underwriting activities at Lloyd’s through new syndicates.
“Coverys launched London about a year ago and we are now primed to embark on the next stage of our strategy,” said Gregg Hanson, CEO of Coverys. “We are very pleased to have the opportunity to provide capacity to the DTW syndicate and support its plans by providing capacity.”
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