Coverys European Holdings Buys AEC SpA, Rome-Based Lloyd’s Coverholder, Broker

Coverys European Holdings Ltd. (CEH), the London-based agency platform that invests in managing general agencies (MGAs) in Europe and the U.K., announced it acquired AEC SpA, a Lloyd’s coverholder, broker, third party administrator and MGA.

Financial details of the acquisition, which is CEH’s first, were not disclosed. CEH specializes in the professional lines sector.

Based in Rome, AEC provides specialist liability products for private and public bodies in Italy. It will retain its existing and established brand.

The AEC team, led by CEO Fabrizio Callarà, will continue to manage the business and work with CEH to “leverage technology and their combined expertise to enhance underwriting performance, gain operating efficiencies, and drive growth,” said a statement issued by CEH, a subsidiary of Coverys, the Boston-headquartered professional liability insurer, which also operates Coverys Managing Agency at Lloyd’s.

“AEC is a business that we have known for some time, and I am delighted they are the first MGA to join the CEH group,” said Steven Spano, CEO of CEH. “Fabrizio and his team have built an excellent reputation through expert, specialist underwriting. I am certain that our combined strengths will enable us to take AEC to the next level.”

AEC’s CEO Callarà said: “We are pleased to join the CEH group and look forward to a successful collaboration. Steven and the team are building a world-class underwriting business, and I am confident that their focus on helping entrepreneurial underwriters realize their ambitions will allow AEC to achieve our collective growth initiatives in the Italian market.”

Source: Coverys European Holdings

Topics Mergers & Acquisitions Agencies Europe Excess Surplus Insurance Wholesale Lloyd's