’This transaction demonstrates our commitment to policyholders and brokers for the long-term,’ says chief executive 

Polo Managing Agency has assumed management of specialist medical professional lines syndicate Coverys 1975, a statement released today (2 October 2023) said.

Coverys Managing Agency placed Syndicate 1975 into run-off after deciding to conduct an orderly closure of its Lloyd’s operations in 2021.

The firm selected Polo to undertake managing agent services to support the business.

Under the agreement, the Coverys team will continue to administer claims management and effect such policy endorsements as may be required for Syndicate 1975, with managing agent activities and oversight being undertaken by Polo.

Polo chief executive Paul Andrews said: “Polo is delighted to seal this deal.

“It clearly demonstrates that our full cycle syndicate management solutions are very much in demand by market participants that not only want to enter, but also need an exit strategy.

“This deal also has the double benefit of not only providing stability and reassurance to a number of experienced Coverys syndicate staff, but also increases our bench strength to support our turn-key offering, as Polo continues on its growth journey.”

‘Cements position’

Coverys’ day-to-day interactions with brokers and clients will remain unchanged.

The firm also remains committed to the London market and is in the process of establishing a UK regulated platform to continue to service clients and brokers in the global medical community.

“The deal allows the syndicate to benefit from both Polo’s syndicate management experience and economies of scale as Covery’s pursues its ongoing underwriting strategy outside of Lloyd’s,” a statement said.

Mike Sibthorpe, chief executive of Coverys, added: “This transaction demonstrates our commitment to policyholders and brokers for the long-term to ensure our Lloyd’s platform continues to support in the most effective way as we establish our UK regulated platform.

“Coverys has over 45 years protecting and defending the healthcare community and this transaction cements our position in the London Market today and for the future.”