Coverys Announces Intent to Acquire Lloyd’s Managing Agency from Randall & Quilter
Turnkey Managing Agency in the U.K., R&Q Managing Agency Limited, will expand Coverys’ global reach
Boston, MA - June 23, 2017 - Coverys announced today its intent to acquire R & Q Managing Agency Limited. (RQMA), a fully authorized Lloyd’s of London turnkey managing agency based in London. RQMA is part of Randall & Quilter Investment Holdings (R&Q), a non-life insurance investor, underwriting manager, captive manager and service provider.
As a turnkey managing agency, RQMA assists new syndicates in launching their underwriting businesses at Lloyd’s of London while delivering operating services necessary for the underwriting and maintenance of existing syndicates including Syndicate 1991 and Syndicate 3330. Through the acquisition, Coverys will acquire RQMA’s full staff and business operations, including its turnkey business for new syndicates, and the continued responsibility to support the syndicates under management.
“Coverys seized this opportunity to expand our non-insurance services in addition to leveraging the knowledge and experience of RQMA’s leadership team,” said Gregg Hanson, CEO and president of Coverys. “This continued exposure and growth of Coverys through RQMA’s experience and relationships offers the ability to expand our sophisticated solutions space.”
“R&Q Managing Agency Limited is a well-developed and scalable platform and we are confident it will prosper under the stewardship of Coverys,” said Ken Randall, R&Q chairman and CEO. “We have enjoyed working with Coverys for several months to assist in the development of their business in the London market. There is a good cultural fit between the two organizations and we look forward to continuing the relationship in respect of our specialist legacy Syndicate 3330 and exploring opportunities to work together in the future.”
The acquisition is subject to regulatory change of control approval by Lloyd’s and the Prudential Regulation Authority, anticipated to be received in late 2017.