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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