Coverys sells Italian MGA AEC to Edge Group

Coverys, a provider of medical professional liability (MPL) insurance and healthcare underwriting and risk mitigation services, has signed an agreement for the sale of its Italian managing general agent (MGA), AEC Agenzia di Assicurazione e Riassicurazione SpA (AEC), to Edge Group, an Italian insurance broking platform backed by AnaCap.

Founded in 2001, AEC was among the first MGAs operating in Italy and rapidly established itself as a reference point for Professional Liability coverage in the market. In 2020, it became part of the US Coverys Group continuing to be led by current chief executive Alessandro Cianelli and the rest of the management team.

AEC specialises in underwriting specialist risk for major national and international insurers as a wholesale intermediary and Lloyd's Coverholder. Edge, based in Milan, offers brokerage, risk management, MGA and welfare solutions for Italian corporate clients. With technical and operational support from Coverys, AEC has been able to accelerate the development of its service offering in the Medical Liability sector, achieving double-digit growth and consolidating an increasingly competitive market position.

The relationship with Coverys - which will remain for the Italian market moving forward for this new chapter with Edge - will be further strengthened in the short-term with the launch of new product offerings as well as an expansion in its underwriting capabilities, the companies said.

“AEC is a strong, well-managed business that will continue to thrive under Edge's ownership,” said Joe Murphy chief executive of Coverys. “This transaction exemplifies our strategic approach – partnering with quality organisations while maintaining our focus on expanding Coverys' underwriting capabilities and market reach across the UK and Europe.”

“With the acquisition of AEC,” stated Manfredo Sciarretta, at Edge, “Edge significantly strengthens its presence in the MGA sector, which we consider to be a strong strategic pillar for the future development of insurance distribution in Italy. AEC’s solid structure and organisational maturity enables the delivery of immediate scalability and sustainable growth that fully aligns with our business plan. This trajectory will also be further supported by our enhanced partnership with Coverys, who will continue to distribute its products through AEC’s network — ensuring operational continuity and delivering real tangible value to the wider market.”

The transaction marks a strategic shift for Coverys towards a relationship-driven distribution model in the UK and Europe. By focusing on its core underwriting capabilities and working with established distribution businesses and MGAs through its London and Dublin platforms, Coverys is positioning itself for agile expansion into key markets and broader engagement with best-in-class MGAs and intermediaries.

“We are seeing renewed momentum across European markets, and this relationship-focused approach positions us to capture these opportunities more effectively,” continued Murphy “We're excited to work with high-performing distribution partners across key markets, which enables us to deepen our presence and expand our reach throughout the region.”

The sale forms part of Coverys' wider international growth strategy. Its London operations have cemented a strong presence in underwriting complex healthcare risks. Coverys International Insurance Company DAC, based in Dublin, works with MGAs across Europe – particularly in the SME space – focusing on healthcare and other specialist professional lines.

Coverys will continue to support AEC by providing existing products and services, while also working with Edge to explore opportunities for additional product lines and premium growth. Although terms of the transaction are confidential, both parties anticipate broader collaboration as Coverys deepens its presence across Europe.

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