Boston, MA - October 8, 2020
, a leading provider of medical professional liability insurance, today announced that TMS Re, Inc.
, has transferred its Provider Excess of Loss (PEL) operation to Coverys.
TMS Re, Inc., headquartered in Andover, Massachusetts, has been one of the leading underwriters in the PEL business since 1996. This transaction allows TMS Re to focus on its core line of business, underwriting Employer Stop-Loss Insurance. TMS Re remains committed to growing the stop-loss business through their brokers, consultants, and TPAs. They remain one of the largest independent stop-loss writers in the U.S.
“Through collaboration with Archway Health, Coverys saw this as a strategic opportunity to expand our offerings,” said Gregg L. Hanson, CEO and president of Coverys. “The expansion into the PEL market will build upon our expertise in offering sophisticated insurance and reinsurance solutions.”
With the transfer of the PEL operations, Coverys has welcomed TMS Re’s experienced team. Beth Hackett brings over 25 years of experience in underwriting and actuarial functions specializing in the PEL industry. Other team members include Tara Torres, a claims manager with over 25 years of experience with PEL and healthcare reinsurance claims; Sharon Gorrell, a registered nurse experienced in providing clinical support to help manage high-cost claims; and Jessica Perez, an underwriting assistant and account analyst providing administrative support.
Coverys continues to provide solutions that complement and expand upon its core business and value-based care offerings to healthcare providers, hospitals, and health systems across the nation. Coverys is targeting January 1, 2021, to start writing PEL policies and will announce when state approvals have been granted and policy quotes will be released.