The acquisition of the Lloyd’s broker widens the footprint of Coverys European in Italy
Coverys European Holdings (CEH) has acquired Bridge Insurance Broker, a Lloyd’s wholesale broker and coverholder based in Italy, for an undisclosed price.
Bridge Insurance Broker offers property, casualty, and speciality insurance products, and also claims management services.
The Italian insurance broker is said to manage nearly 25,000 active policies, which are issued via its network of around 450 distribution partners.
Bridge Insurance Broker’s CEO Alessandro Cianelli will continue to lead the company.
Cianelli said: “It is an exciting time to join CEH. We have been impressed by the network’s rapid entry into Europe and the underlying strength of the business, to be able to remain and grow throughout a turbulent 2020. The entire Bridge team looks forward to entering our next phase with the might of CEH behind us.”
For Coverys European, the acquisition widens its footprint in Italy. The company is an agency platform and network that invests in specialty managing general agencies (MGAs) in continental Europe and the UK.
How Coverys European has been growing its network
In January 2020, Coverys European acquired AEC Wholesale Group, which is a Lloyd’s coverholder and broker, and also a third-party administrator (TPA) and MGA business. AEC Wholesale Group, which marked the first ever acquisition of Coverys European, offers specialist liability products for private as well as public bodies across Italy.
Following the acquisition, Coverys European launched Celeritas earlier this month, which is a European broker for open market placement and also binder business.
Coverys European chief underwriting officer Doug Robare said: “Bringing Bridge on board is the latest example of the calibre of local agencies that are finding a home within the CEH network. It is also evidence of our commitment to the European markets we serve.
“By harnessing the Bridge team’s exceptional talent for growth, product expertise and its broad distribution network, we will continue to provide market leading products as well as introduce a range of new services which slot perfectly into our existing Italian book.”