Coverys
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The group has hired Hines Associates to advise on the process. -
CEO Stef Raftopoulos said the company platform will let the operation reach a suitable scale.
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Stef Raftopoulos has been appointed CEO of Coverys London.
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Coverys placed its syndicate into run-off at the end of 2022, as it looked to switch its London underwriting to the company market.
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The portfolio will focus on international risks with a focus on the US market.
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The syndicate made a cash call of 69.4% of capacity for the 2018 year of account, a further 9.5% cash call for the 2019 YoA and a 25.5% cash call for the 2020 YoA loss.
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The executive replaces Rob Forster, who was holding the role on an interim basis.
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The sale process is in the early stages of marketing, and bids are expected later in May.
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The new arm will be led by Rajeeva Aluwihare, former COO of Coverys European Holdings, as CEO, and Christina Lippert as CUO.
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The medical malpractice business will use a company market platform to pursue its growth ambitions.
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The business will write casualty lines including PI, D&O, medmal and cyber.
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Forster joined the business in April last year, having left Novae following the Axis takeover.
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