US-based insurance firm Coverys has expanded its European risk-taking capabilities with the launch of Coverys International Insurance Company.
Based in Dublin, Ireland, Coverys International will write a portfolio of specialty liability business in Europe, mainly distributed through the company’s pan-European network of MGA companies.
These companies include Bridge Insurance Brokers in Italy, Brady Underwriting in Ireland, and AEC Group in Italy and Spain.
Coverys Europe CEO Steven Spano said: “Coverys International will expand our European risk-taking capabilities and provide our MGAs across Europe with additional insurance capacity to grow their businesses.
“We continue to see attractive opportunities through our managing agencies across Europe. In Rajeeva, we have a highly experienced business leader ready to use leading-edge technologies to bring this vision to market to benefit our agency network’s clients and brokers.”
Rajeeva Aluwihare, who previously served as chief operating officer of Coverys European Holdings (CEH), will lead Coverys International. Christina Lippert will be appointed as chief underwriting officer.
CEH CEO Steven Spano will join the board of directors of Coverys International. He will serve as non-executive chairman.
Aluwihare said: “The demand for the products offered by our managing agency partners is tremendous. By providing additional capacity for these profitable portfolios, we will facilitate the growth of local European business, not only for us at Coverys, but for the other insurance markets that partner with the CEH agency network and our reinsurers.”
