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Sale Helps Lengthy-Time period Development Technique for MPL and Danger Mitigation Service Supplier
Boston-based Coverys has bought its wholly owned insurance coverage company, Coverys Insurance coverage Providers (CIS), to Arthur J. Gallagher & Co. (Gallagher) for an undisclosed sum. A full-service insurance coverage dealer that has functioned as Coverys’ captive insurance coverage company in Michigan, CIS focuses on medical malpractice {and professional} legal responsibility, predominantly servicing Michigan doctor and hospital policyholders.
“After strategic analysis of our enterprise, we decided the necessity to align our Michigan distribution technique with our nationwide mannequin by way of brokers and brokers,” stated Joseph G. Murphy, president, and CEO of Coverys. “It was decided that the sale of CIS would enable for selective growth of our distribution in Michigan and drive further worthwhile progress.”
Coverys’ sale of CIS belongings to Gallagher is ultimate and efficient instantly. Whereas the phrases of the transaction won’t be disclosed, Gallagher will likely be an agent of report for enterprise presently written by CIS, servicing policyholders with Coverys’ A-rated medical skilled legal responsibility insurance coverage.
“Gallagher was chosen to accumulate CIS due to its superior status and long-standing service within the insurance coverage brokerage market,” continued Murphy. “An equally vital consideration in the course of the choice course of was guaranteeing stability for our employees and fostering continuity of service for our Coverys policyholders. Gallagher values these relationships and is dedicated to sustaining glorious service for our Coverys policyholders.”
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