Recently formed Specialty MGA UK, which is focused on providing additional capacity for specialty lines of businesses, has been approved as a Lloyd’s Coverholder. After being set up last year, Lloyd’s accreditation represents another significant step for the company as it builds its international offering.
Philippe Bara, Chief Underwriting Officer at Specialty MGA UK, said, “This is an important step forward for everyone at Specialty MGA UK, and I’m delighted at the rapid progress we’ve made in a relatively short space of time. Coverholder status makes our considerable expertise even more accessible and will provide clients with access to greater capacity.
“Our focus has always been on delivering value for clients by finding unique solutions to their problems, and new capacity at Lloyd’s significantly increases our ability to do that.”
Specialty MGA UK’s ForestRe team, who serve as a specialist service for commercial forests and plantations, will be able to provide cover through a Lloyd’s Syndicate to support Lloyd’s customers who are seeking additional forestry expertise. With the growing importance of reducing carbon footprints, forestry provides a potential method of offsetting emissions.
The MGA’s expertise also extends to areas such as surety, financial lines, cyber, and international property.
The additional capacity will help it develop a better presence in the market and offer more scope to back hard-to-place risks.
Phil Cottle, Head of Forestry and Agriculture at Specialty MGA, said, “We’re thrilled to be accredited as a Lloyd’s Coverholder, and to be able to use one of the most well-known and trusted sources of insurance in the world. Specialty MGA UK is filling a number of gaps in the market, especially in areas like forestry insurance, where we can really offer something new to clients.
“Developing this offering will be good news for Lloyd’s and its customers across many different lines, as businesses consider their impact on the climate and the role that offsetting and reforestation can play in reducing it. We work with some of the biggest names in this area and can offer Lloyd’s insurers worldwide exposure to the reforestation and carbon credit space.”
