We are pleased to announce that Polo Managing Agency (PMA) has assumed management of Coverys Syndicate 1975. As the fourth syndicate under the management of PMA it reflects our continued mission to extend our footprint within the Lloyd’s market.
“Polo is delighted to seal this deal. This 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.”
PoloWorks and Polo Managing Agency CEO, Paul Andrews
The addition of ten new seasoned colleagues to the Polo Managing Agency via this deal has double benefits. Offering the Coverys syndicate staff stability and reassurance while also bolstering PMA’s capabilities with their additional experience and knowledge. This further enhances our turn-key offering as we look to expand our Lloyd’s footprint for 2024.
This transition is part of Coverys’ strategic shift to manage the run-off of the syndicate. The syndicate launched at the beginning of 2018 under the management of Coverys Managing Agency, and Coverys placed it into run-off at the end of 2022. Despite closing the syndicate, Coverys continues to maintain a presence in the London market and is establishing a UK-regulated platform to continue servicing clients there.
“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.”
Mike Sibthorpe, CEO of Coverys Managing Agency.
This transition is more than a change in management. It’s about blending the best of two worlds and demonstrates a commitment to policyholders and brokers for the long-term to ensure the Lloyd’s platform continues to support in the most effective way. The experienced Coverys team will continue to administer claims management while Polo takes on the managing agent and oversight activities.
At PoloWorks, we are committed to providing full cycle syndicate management solutions that meet the needs of today’s dynamic insurance market. And we are excited by this deal and the future ahead of the team.
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