26 June 2017Analysis

Coverys to acquire Lloyd's managing agency from R&Q


Medical professional liability insurer Coverys intends to acquire Randall & Quilter Managing Agency, a fully authorised turnkey managing agency at Lloyd's of London, and part of R&Q, a non-life insurance investor, underwriting manager, captive manager and service provider.

RQMA assists new syndicates at Lloyd's in launching their underwriting business, while providing operating services necessary for the underwriting and maintenance of existing syndicates including Syndicate 19991 and Syndicate 3330.

As part of the acquisition, Coverys will acquire RQMA’s full staff and business operations, including its turnkey business for new syndicates, and the continued responsibility to support the syndicates under management.

“Coverys seized this opportunity to expand our non-insurance services in addition to leveraging the knowledge and experience of RQMA’s leadership team,” said Gregg Hanson, CEO and president of Coverys. “This continued exposure and growth of Coverys through RQMA’s experience and relationships offers the ability to expand our sophisticated solutions space.”

Ken Randall, R&Q chairman and CEO, added: “R&Q Managing Agency Ltd is a well-developed and scalable platform and we are confident it will prosper under the stewardship of Coverys.

“We have enjoyed working with Coverys for several months to assist in the development of their business in the London market. There is a good cultural fit between the two organizations and we look forward to continuing the relationship in respect of our specialist legacy Syndicate 3330 and exploring opportunities to work together in the future.”

The acquisition is subject to regulatory change of control approval by Lloyd’s and the Prudential Regulation Authority, anticipated to be received in late 2017.

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More on this story

news
29 August 2023   The company is a joint venture between R&Q and Obra Capital.
Analysis
18 January 2023   Paul Corver will step down at some point this year to retire after 15 years at the firm.
Actuarial & underwriting
5 January 2021   Randall & Quilter II Holdings, a wholly owned UK subsidiary of Randall & Quilter Investment Holdings (R&Q), has completed the acquisitions of The World Marine & General Insurance Company (WMG) and Inceptum Insurance Company, having received the necessary regulatory approvals.