Polo takes over Coverys Syndicate 1975 as part of Lloyd’s exit strategy

Polo Managing Agency Limited (Polo), a prominent independent Lloyd’s turn-key Managing Agent, has officially assumed management of Coverys Syndicate 1975.

This specialist medical professional lines syndicate is set to transition to Polo’s oversight on October 2, 2023.

In late 2021, Coverys Managing Agency Limited (Coverys) had made the strategic decision to conduct an orderly closure of its Lloyd’s operations, including placing Syndicate 1975 into run-off.

This move was in favour of establishing a dedicated UK-regulated platform. As part of this exit strategy, Coverys’ London management team diligently explored options for managing the run-off of Syndicate 1975 and ultimately selected Polo to undertake managing agent services to support the business.

Under the agreement, the Coverys team will retain responsibility for claims management and the implementation of necessary policy endorsements for Syndicate 1975.

However, the day-to-day managing agent activities and oversight will be handled by Polo. Importantly, Coverys’ interactions with brokers and clients will remain unchanged.

Coverys remains committed to the London Market and is actively working on establishing a UK-regulated platform to continue serving clients and brokers in the global medical community through the London Market.

This transaction adds to Polo’s growing portfolio of syndicates under management and underscores Polo’s ability to provide comprehensive life cycle management and solutions for Lloyd’s platforms entering and exiting the market.

The deal offers the syndicate the advantage of Polo’s syndicate management experience and economies of scale as Coverys pursues its ongoing underwriting strategy outside of Lloyd’s.

Commenting on the deal, PoloWorks and Polo Managing Agency CEO Paul Andrews expressed his delight, stating, “Polo is delighted to seal this deal. It 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. This deal also has the double benefit of not only providing stability and reassurance to a number of experienced Coverys syndicate staff, but also increases our bench strength to support our turn-key offering, as Polo continues on its growth journey.”

Mike Sibthorpe, CEO of Coverys Managing Agency, emphasised the transaction’s significance, stating, “This transaction demonstrates our commitment to policyholders and brokers for the long-term to ensure our Lloyd’s platform continues to support in the most effective way as we establish our UK- regulated platform. 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.”

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