Coverys has agreed to sell its Italian managing general agent (MGA), AEC Agenzia di Assicurazione e Riassicurazione SpA, to Edge Group, an insurance broking platform in Italy backed by private equity firm AnaCap.
Established in 2001, AEC was among the early MGAs operating in the Italian market, specialising in professional liability cover. AEC was the first MGA acquired by Coverys European Holdings in January 2020, marking the group's initial step into the European MGA market.
AEC has since operated under the leadership of CEO Alessandro Cianelli and the existing management team. The firm acts as a wholesale intermediary and Lloyd’s Coverholder, underwriting specialist risks on behalf of both domestic and international insurers.
Coverys said at the time that the acquisition would enable a scalable platform for expansion while enhancing its healthcare liability underwriting capabilities.
Based in Milan, Edge provides brokerage, MGA, risk management and welfare solutions for corporate clients across Italy. AEC’s focus on medical liability has been supported by Coverys since its acquisition, leading to double-digit growth and an expanded service offering.
Joe Murphy (pictured above), CEO of Coverys, said the transaction reflects the company’s strategy to work with quality organisations.
“This transaction exemplifies our strategic approach – partnering with quality organisations while maintaining our focus on expanding Coverys' underwriting capabilities and market reach across the UK and Europe,” Murphy said.
The sale marks a shift for Coverys towards a model that centres on distribution relationships in the UK and Europe. Coverys said it will maintain a presence in the Italian market through its continuing collaboration with AEC, now under Edge’s ownership.
In April 2022, Coverys further expanded its European footprint with the establishment of Coverys International Insurance Company DAC in Dublin. The platform has a particular focus on medical professional liability and enables Coverys to offer cross-border capacity in Europe under Solvency II regulation.
As part of its broader European focus, Coverys Limited received approval from both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in July 2024 to operate a new insurance entity in London. The licence enables Coverys to write business directly in the UK market and complements its existing Lloyd’s-compatible underwriting activities.
The transaction also comes after the expansion of Coverys’ London and Dublin operations. Coverys International Insurance Company DAC, based in Dublin, supports MGAs across Europe, with a focus on healthcare and professional lines for SMEs. The group’s London entity underwrites complex healthcare risks.
What are your thoughts on this story? Please feel free to share your comments below.
Unlock powerful dashboards and industry insights with IB+ Data Hub—your essential subscription for data-driven decision-making.
