Coverys is set to establish a new syndicate that will write medical liability insurance and healthcare reinsurance, with a focus on healthcare captives and risk retention groups (RRGs).
The medical professional liability insurance provider will be the sole capital provider for Syndicate 1975, which will be managed by Lloyd’s managing agency R&Q Managing Agency (RQMA).
In June, Coverys entered into an agreement with RQMA’s parent company, Randall and Quilter Investment Holdings, to acquire the third-party managing agent.
The syndicate, which has received ‘in principal’ approval from the Lloyd’s Franchise Board, is expected to begin underwriting business on 1 January 2018.
Greg Hanson, CEO and president of Coverys, said: “The syndicate will write a balanced portfolio of both medical liability insurance and healthcare reinsurance across a broad range of specialty lines in which Coverys has well-established product offerings.”
Hanson added: “This reinforces Coverys’s commitment to protecting the delivery of healthcare by providing sophisticated insurance and reinsurance capacity to healthcare and provider organisations as well as healthcare captives and RRGs.”