Coverys reveals new major expansion in Europe amid ‘buoyant’ market
Coverys European Holdings (CEH), an underwriting vehicle that invests in speciality managing general agencies in Europe and the UK, has unveiled a “key milestone” in its European expansion plan taking advantage of the “buoyant” market conditions.
The company has established a new underwriting agency in Barcelona, Spain underwriting a suite of casualty products including professional indemnity, directors and officers (D&O), medical malpractice, and cyber.
AEC Europe joins Coverys’ growing pan-European network of casualty MGAs, which includes casualty underwriting offices launched or acquired in Italy, Ireland and the UK.
The new MGA will offer instant quotation, electronic placement, improved policy administration, and real-time risk and claims insights to deliver an enhanced customer experience. The capacity will be provided by a select panel of insurers, reinsurers and Lloyd’s syndicates.
AEC Europe will be led by Ana de Oliveira, who brings a wealth of casualty expertise having led the Iberian team and assisted in growing the European portfolio as professional lines senior underwriter at ANV Global Services. Prior to that, she also ran her own underwriting agency and held various director positions.
Doug Robare (pictured), chief underwriting officer of Coverys Europe Holdings, said: “We are delighted to expand our European network yet again, and embrace the clear opportunity to present a real, dynamic challenge to the status quo. The sum of technology and the local team’s expertise will quickly establish AEC Europe as a leading casualty insurance provider across the continent. Under Ana’s expert leadership, we have built a team of skilled underwriters who have identified gaps in their chosen markets. They will exploit those opportunities with their substantial expertise, underpinned by supportive capital and cutting-edge technology.”
De Oliveira added: “It’s an exciting time to broaden AEC’s footprint. There’s a growing local need among professionals for our carefully crafted casualty products. From our regional bases in Italy and now Spain, we are ideally located with local expertise to provide the coverage they truly need, and to tap into the resources of CEH’s expanding MGA network to complement the offer.”
Elisabetta Ibba, CEO of AEC Wholesale Group, commented: “The launch of AEC Europe is a key milestone for our rapidly expanding business. We are now developing the capabilities to expand our footprint across Europe, bringing together a combination of recognised expertise both locally and internationally that will increasingly set us apart. I am delighted to be working alongside Ana to help further our vision for a new breed of pan-European underwriting, which seeks to draw out the best of local talent backed with the financial, technological and strategic muscle of CEH.”
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