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Coverys announces Bridge Insurance Broker acquisition

Coverys announces Bridge Insurance Broker acquisition | Insurance Business

Coverys announces Bridge Insurance Broker acquisition

Coverys European Holdings (CEH) is expanding its European reach with a swoop for an Italy-based insurance brokerage.

The company has completed a 100% deal for Bridge Insurance Broker, a Lloyd’s wholesale broker and coverholder based in Lucca, Italy. The Italian firm manages around 25,000 active policies, has a 450-strong network of distribution partners and provides both specialty insurance products and claims management services.

Following the deal, the broker will continue to be led by chief executive officer Alessandro Cianelli, who has been in the role since January 2015.

“It is an exciting time to join CEH,” he said. “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.”

Meanwhile, the acquisition marks the latest step in CEH’s rapid expansion strategy that also saw it move for AEC Wholesale Group in January, and launch Celeritas, a European broker for open market placement and binder business earlier in the month.

Read more: Broker launches for open market placement

“Bringing Bridge on board is the latest example of the calibre of local agencies that are finding a home within the CEH network,” said CEH chief underwriting officer Doug Robare. “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.”