Drinker Biddle’s Corporate and Securities Group, led by the firm’s Insurance Regulatory and Transactional team, represented Coverys Group in its recently announced intended acquisition of Randall & Quilter Managing Agency Ltd. (RQMA), a fully authorized Lloyd’s of London turnkey managing agency. Headquartered in Boston, Coverys is an innovative medical professional liability insurance and services provider and among the largest medical professional liability insurers in the U.S.
As a turnkey managing agency, RQMA assists new syndicates with launching underwriting businesses at Lloyd’s of London, while providing operating services for the underwriting and maintenance of existing syndicates. The acquisition is subject to regulatory change of control approval by Lloyd’s and the Prudential Regulation Authority, anticipated to be received in late 2017.
Drinker Biddle partners Michael R. Halsband, Michael Byrne and Elizabeth Diffley, and associates Andrew Doggett and Yuliya Feldman, amongst others, led the principal legal work on the deal, with local UK counsel handling the UK regulatory and local law issues.