Insurance provider Coverys has received Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA) approval to commence underwriting, expanding its offerings in the London market.
Coverys also appointed Stef Raftopoulos as CEO of Coverys London, reporting to Coverys CEO Joseph Murphy. The company’s chief underwriting officer, Chris Brooking, and finance director, Michael Bell, will assist Raftopoulos in heading the Coverys’ London operation.
According to the firm, the newly expanded business will boost its portfolio by offering a wide range of specialty medical liability insurance and healthcare reinsurance, in addition to expanding the services and flexibility previously provided by Coverys' Syndicate 1975.
Joseph G. Murphy, president and CEO of Coverys, notes: “With the creation of the Coverys London platform and regulatory approval, Coverys can expand options for risk-taking through the London marketplace while also providing the level of service and expertise our long-standing clients and partners have come to expect.”
At the same time, the US National Association of Insurance Commissioners (NAIC) Quarterly Listing of Alien Insurers has also approved Coverys for admittance. A company’s presence on the list allows a non-US insurer to write excess or surplus lines business in all states on a non-admitted basis.
