Insurance provider gets FCA approval for new London entity

Insurance provider Coverys has received Prudential Regulatory Authority (PRA) and FCA approval for a new London entity.

Called Coverys Limited, the arm will launch as a company market underwriting platform.

It will become part of the Coverys London division, which include both insurance company and managing general agent (MGA) operations.

To lead the expanded London operation, Coverys has appointed Stef Raftopoulos as chief executive of Coverys London.

Raftopoulos will report to Coverys Group chief executive Joe Murphy.

“We have worked closely with our London market partners to deliver an expert, efficient and agile underwriting platform,” Raftopoulos said.

“We can now offer our signature best-in-class service to the medical community and I am personally excited to see our ambitious plans come into fruition.”

Offer

Coverys London will provide medical professional liability insurance for healthcare clients in the London market, including those previously written through Coverys’ Lloyd’s Syndicate 1975.

Clients and brokers will have access to data analytics and risk management services, as well as education services provided by specialist Coverys subsidiary Med-IQ Inc, alongside the Coverys London underwriting offering.

“By creating the Coverys London platform and receiving regulatory approval to commence underwriting, we are delivering what our long-standing clients and partners in the London market expected – a sustainable, nimble, and agile underwriting platform for specialty medical malpractice risk,” Murphy said.

“We are resolutely committed to the London market, have built a strong service and underwriting team and have acquired a new London office to support and engage with our broking partners and coverholders.

“I have complete confidence our expert London-based team, under Stef’s leadership, are ideally placed to provide outstanding underwriting service and we look forward to the continued development of the offering.”