Coverys European Holdings Ltd. acquired AEC SpA, marking its first acquisition.
The target is a Lloyd's of London coverholder and broker, third-party administrator and managing general agency that provides specialist liability products throughout Italy.
AEC will retain its brand. The acquired entity's team, led by CEO Fabrizio Callarà, will continue to manage the business.
Medical professional liability insurance provider Coverys formally launched the European holding company Jan. 6. It will target noncompeting managing general agencies across Europe with complementary portfolios in the professional lines sector.