Coverys, a Boston-based insurer known for medical professional liability coverage, has agreed to sell its Italian managing general agent, AEC Agenzia di Assicurazione e Riassicurazione SpA (AEC), to Italy’s Edge Group, a prominent insurance brokerage platform. The financial terms of the deal were not disclosed.
AEC has been a key player in the Italian insurance scene since it was founded in 2001. It was one of the first MGAs (managing general agents) in Italy and quickly became a leader in professional liability insurance. The company joined Coverys in 2020 and is still led by CEO Alessandro Cianelli and his management team. AEC operates mainly as a wholesale intermediary and a Lloyd’s coverholder, underwriting specialized risks on behalf of major insurers.
Edge Group, based in Milan and backed by London’s private equity firm AnaCap, is expanding its footprint in Italy’s insurance market. Edge offers a broad range of services including brokerage, risk management, MGAs, and welfare solutions for businesses. With past support from Coverys, AEC has grown quickly in medical liability insurance, bolstering its position in a competitive market.
Despite the sale, Coverys will continue to support AEC by providing its existing insurance products and services. The two companies also plan to work closely to explore new product lines and grow premium income. Both sides expect the deal to lead to a wider partnership, helping Coverys strengthen its presence across Europe.
Joe Murphy, Coverys’ CEO, commented that AEC is a strong business and will do well under Edge’s ownership. He sees this move as part of Coverys’ strategy to team up with quality partners while expanding its underwriting reach in the UK and European markets.
Edge Group’s CEO, Manfredo Sciarretta, said acquiring AEC helps the company grow its MGA business, which is key to its future plans for insurance distribution in Italy. He also highlighted that the partnership with Coverys ensures continuity and adds value to the market by continuing product distribution through AEC.
This sale marks a shift in Coverys’ approach, focusing more on building relationships with distribution partners across Europe. After establishing operations in London and Dublin, Coverys aims to increase its healthcare insurance opportunities throughout the region, especially in small and medium-sized enterprises.
In a related move in the insurance world, Portuguese brokerage Universalis has rebranded as Acrisure Portugal Insurance Broker. This comes after its acquisition by global fintech firm Acrisure in 2023. The change reflects a new phase of growth and innovation for the company, which has a strong local presence with 12 offices and over 25,000 clients.
Both these developments highlight the evolving nature of the insurance market in Europe, with companies seeking partnerships and growth through acquisitions and alliances to better serve clients and capture new opportunities.