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Medical professional liability insurer Coverys has formed an excess and surplus lines underwriting company, the Boston-based firm said Wednesday.
Coverys Specialty Insurance Co., which will be domiciled in New Jersey, will provide tailored excess and surplus coverage for unique or hard-to-place risks, the company said in its statement.
It will be accessible through select agents and brokers, and the company will offer $25 million in capacity, according to a Coverys spokesman.
Coverys said the new insurer will provide customers with flexible speed-to-market insurance coverage that addresses emerging health care delivery exposures and trends, as well as provide coverage for health care facilities with unique risk profiles that seek insurance not typically available in the traditional insurance market.
Sam Mezzich will serve as president of the new company, while Edward Lyons has been named senior vice president. Both had previously worked at Arch Insurance, a unit of New York-based Arch Capital Group Ltd.
New York-based Pioneer Special Risk, a unit of Pioneer Underwriting Ltd., on Tuesday announced it has obtained Lloyd's of London coverholder status and has started underwriting management and professional liability lines.