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Davies Group is among a number of potential buyers after talks with Artificial Labs fell through.
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The brokers have signed a heads of terms and will move towards a full acquisition.
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The acquisition is the fourth since Coverys’ European network was founded in January 2020.
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Nick Packer, one of the co-founders of Enstar, has also joined the board as a non-executive director.
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The managing general agency is looking for new lines of business, having seen its cyber team and capacity provider depart ahead of renewals earlier this year.
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Willis’s sale of its reinsurance arm was the best option it had left – but the loss will have implications for the wider business.
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The company said the divestment was part of its simplification strategy.
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The executive also praised Willis Re's management team for pushing for the best outcome for clients.
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The broker has explained the rationale for its $3.25bn acquisition of Willis Re on an investor call.
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As earnings season draws to a close, insurers continue to post strong profits following sustained market correction.
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After the collapse of the Aon-Willis merger, Gallagher has successfully resurrected the deal that will catapult its reinsurance operation into the big league.
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In an interview alongside Align’s founder Kieran Sweeney, the legendary London market entrepreneur also disclosed his company paid $800mn for the US MGA.