R&Q COMPLETES SALE OF LLOYD’S MANAGING AGENCY TO COVERYS

Randall & Quilter Investment Holdings has completed the sale of R&Q Managing Agency Ltd to Coverys, a US provider of medical professional liability insurance. The acquired business will now be renamed as Coverys Managing Agency Ltd. Coverys has also gained in-principle approval from Lloyd's to establish Syndicate 1975 which will be managed by Coverys Managing Agency Ltd. Syndicate 1975. The new syndicate is expected to commence underwriting on 1 January 2018 and will write both med-mal insurance and healthcare reinsurance. Coverys paid $22.6m for R&Q Managing Agency, which currently manages syndicate 1991, syndicate 3330, as well as syndicate 1110, the former ProSight syndicate which was placed into run-off in 2017. It also provides back office support to syndicate 2088, the syndicate managed by XL Catlin and backed by China Re.