Europe-based agency platform and network Coverys European Holdings (CEH) has wrapped up the acquisition of Bridge Insurance Broker, an Italy-based Lloyd’s wholesale broker and coverholder.

The acquired company specialises in a full range of property, casualty and specialty insurance offerings in addition to claims management services.

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It is said to manages about 25,000 active policies, which are issued through its network of 450 distribution partners.

Bridge Insurance Brokers CEO Alessandro Cianelli said: “It is an exciting time to join CEH. We have been impressed by the network’s rapid entry into Europe and the underlying strength of the business, to be able to remain and grow throughout a turbulent 2020. The entire Bridge team looks forward to entering our next phase with the might of CEH behind us.”

Under the terms of the agreement, Alessandro Cianelli will remain the CEO of Bridge Insurance Broker.

The acquisition of the firm is expected to further bolster CEH’s presence in the European market.

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CEH snapped up MGA AEC Wholesale Group in January this year. The company launched Celeritas, a European broker for both open market placement and binder business earlier this month.

Commenting on the new development, Coverys European Holdings chief underwriting officer Doug Robare said: “Bringing Bridge on board is the latest example of the calibre of local agencies that are finding a home within the CEH network.

“It is also evidence of our commitment to the European markets we serve. By harnessing the Bridge team’s exceptional talent for growth, product expertise and its broad distribution network, we will continue to provide market leading products as well as introduce a range of new services which slot perfectly into our existing Italian book.”