Coverys launches new Dublin subsidiary for European expansion

Coverys has launched a new Dublin-based insurance company as it looks to target “attractive opportunities” for growth in the European market through its network of managing agencies.

The new subsidiary, Coverys International Insurance Company based in Dublin, Ireland, will write a portfolio of European specialty liability business primarily distributed through the group’s pan-European network of MGA companies that includes Bridge Insurance Brokers in Italy, AEC Group in Italy and Spain, and Brady Underwriting in Ireland.

Coverys European Holdings (CEH) invests in specialty managing general agencies across continental Europe, Ireland and the UK.

Coverys International will be led by CEO Rajeeva Aluwihare, previously chief operating officer of CEH and Christina Lippert as chief underwriting officer. Steven Spano (pictured), chief executive of CEH will join the company’s board of directors as non-executive chairman.

Aluwihare has more than two decades’ experience in the insurance industry, including 19 years in increasingly senior roles at Italian insurer Generali. Lippert has 25 years’ experience with major international insurers focused on European specialty insurance products.

Spano said: “ Coverys International will expand our European risk-taking capabilities and provide our MGAs across Europe with additional insurance capacity to grow their businesses. We continue to see attractive opportunities through our managing agencies across Europe. In Rajeeva, we have a highly experienced business leader ready to use leading-edge technologies to bring this vision to market to benefit our agency network’s clients and brokers.”

Aluwihare added: “The demand for the products offered by our managing agency partners is tremendous. By providing additional capacity for these profitable portfolios, we will facilitate the growth of local European business, not only for us at Coverys, but for the other insurance markets that partner with the CEH agency network and our reinsurers.  I look forward to working with our extensive network to realise our ambition.”

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