Pardus targets new line with team from ForestRe
Pardus, an independent MGA launched earlier this year in London, has formed a new underwriting capability in the forestry business, backed by capacity at Lloyd’s, following a number of new hires.
Capita Insurance Services, which helped finance the start-up of Pardus, is also making an additional investment in Pardus to support the development of its forestry underwriting capabilities.
The forestry team comprises Phil Cottle, Mike Edwards and Georgina Christou. They have all joined Pardus from ForestRe.
Pardus will offer insurance and reinsurance products for forestry and tree crops worldwide, providing coverage to investors and commercial plantation managers. The product will be available globally in markets including the US, Europe, Latin America and South East Asia.
Keith Thompson, chief executive of Pardus, said: “Pardus began underwriting as a Lloyd’s Coverholder in July this year with the launch of North American property insurance, and we have been pleased by the way this has progressed and has been supported by the markets. Having recently launched US Commercial Trucking insurance we are now delighted to introduce forestry, another specialist product, linked with underwriting expertise and supported by strong security in the form of Lloyd’s.
“The team lead by Phil Cottle brings with them a wealth of experience and a great reputation in an area which we believe has tremendous potential to develop over the coming years.
“As an independent MGA we continue to explore other opportunities as part of our overall business strategy, ever mindful of the need to demonstrate added value to the markets in which we operate. We are very excited by the progress being made so far and look forward to this continuing over the coming months.”
John Holm, executive director, Capita Insurance Services, said: “Forestry is increasingly seen by institutional investors as a stable long term line of business and as such represents an excellent opportunity for specialist insurance carriers like Pardus. Forestry Insurance will be an excellent addition to help underpin this asset class.”
