Los Angeles–Paul Jansen and Kevin Hastings have launched CovePrograms, an underwriting agency and approved Lloyd's coverholder.Cove will focus initially on the U.S. homebuilders market offeringprimary and excess liability and property solutions. It plansto offer programs in other market sectors over time. Cove'sU.K.-based construction team will work closely with industryveterans George Dale and Mike Hopson in the U.S.

“Our combination of US-based initial consulting with aLondon-based MGA means we can offer construction brokers andbuilders on the ground availability; innovative products tailoredto respond to the needs of each client; fast decision-making andrisk-control advice to help minimize claims,” saysHastings.

Cove has entered the market now because despite the currenteconomic climate, homebuilding is running at about 500,000 homesnationally. Certain regions remain particularly active and buildersrequire more flexible and innovative insurance-program designs,especially as they poise for the eventual recovery in the housingmarket.

“We believe there is demand for flexible, appropriatelypriced policies that respond to market need,” says Jansen. “The insurance market for homebuilders requires a fresh approach asthe construction industry works its way out of the recession.Builders want insurance partners who can help them take advantageof new opportunities and project structures. Brokers also want morefrom their trading partners during the recovery period.”

Cove has access to major Lloyd's, London, U.S. and Bermudiancarriers and has longer term plans to extend its offering to becomea multi-class program underwriting agency.

“We are looking at a broad range of market sectors where we canenjoy controlled distribution, and the opportunity and experienceexists to tailor product and solutions to generate underwritingprofit,” says Hastings.

Adds George Dale: “Our US presence enables Cove's Londoncarriers to compete efficiently in US market segments where theprevious lack of a US based infrastructure was a competitivedisadvantage. The result is that Cove will be able to developbusiness streams that have never before come to London.”