Coverys snaps up Lloyd's broker to expand European footprint

Coverys European Holdings (CEH), an agency platform and network specialising in European markets, has acquired Bridge Insurance Broker, a Lloyd’s wholesale broker and coverholder based in Lucca, Italy.

Bridge provides a full suite of property, casualty and specialty insurance products, as well as claims management services. The agency manages some 25,000 active policies, issued through its network of distribution partners.

Following the deal, the Italian Lloyd’s broker and coverholder will continue to be led by Alessandro Cianelli, who has served as chief executive officer since January 2015.

The acquisition marks the latest addition to CEH’s expanding European network. CEH acquired MGA AEC Wholesale Group in January 2020 and launched Celeritas, a European broker for both open market placement and binder business, earlier this month.

Doug Robare, chief underwriting officer, Coverys European Holdings, said: “Bringing Bridge on board is the latest example of the calibre of local agencies that are finding a home within the CEH network. It is also evidence of our commitment to the European markets we serve. By harnessing the Bridge team’s exceptional talent for growth, product expertise and its broad distribution network, we will continue to provide market leading products as well as introduce a range of new services which slot perfectly into our existing Italian book.”

Cianelli commented: “It is an exciting time to join CEH. We have been impressed by the network’s rapid entry into Europe and the underlying strength of the business, to be able to remain and grow throughout a turbulent 2020. The entire Bridge team looks forward to entering our next phase with the might of CEH behind us.”