R&Q sells managing agency to Coverys

US medical malpractice specialist insurer Coverys has struck a
deal to acquire Randall & Quilter's (R&Q) Lloyd's
managing agency for $22.6mn, the London-listed business said
today.
The deal does not include the sale of the tenancy rights for
R&Q Syndicate 1991, which currently largely sit with
R&Q.
Coverys and R&Q will cooperate in certain areas, with
R&Q Managing Agency Ltd (RQMA) continuing to manage
R&Q's 100 percent aligned reinsurance-to-close syndicate
3330 in a