Los Angeles–Paul Jansen and Kevin Hastings have launched Cove Programs, an underwriting agency and approved Lloyd's coverholder. Cove will focus initially on the U.S. homebuilders market offering primary and excess liability and property solutions. It plans to offer programs in other market sectors over time. Cove's U.K.-based construction team will work closely with industry veterans George Dale and Mike Hopson in the U.S.
“Our combination of US-based initial consulting with a London-based MGA means we can offer construction brokers and builders on the ground availability; innovative products tailored to respond to the needs of each client; fast decision-making and risk-control advice to help minimize claims,” says Hastings.
Cove has entered the market now because despite the current economic climate, homebuilding is running at about 500,000 homes nationally. Certain regions remain particularly active and builders require more flexible and innovative insurance-program designs, especially as they poise for the eventual recovery in the housing market.
“We believe there is demand for flexible, appropriately priced policies that respond to market need,” says Jansen. “The insurance market for homebuilders requires a fresh approach as the construction industry works its way out of the recession. Builders want insurance partners who can help them take advantage of new opportunities and project structures. Brokers also want more from their trading partners during the recovery period.”
Cove has access to major Lloyd's, London, U.S. and Bermudian carriers and has longer term plans to extend its offering to become a multi-class program underwriting agency.
“We are looking at a broad range of market sectors where we can enjoy controlled distribution, and the opportunity and experience exists to tailor product and solutions to generate underwriting profit,” says Hastings.
Adds George Dale: “Our US presence enables Cove's London carriers to compete efficiently in US market segments where the previous lack of a US based infrastructure was a competitive disadvantage. The result is that Cove will be able to develop business streams that have never before come to London.”
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