Newly formed Specialty MGA UK snaps up ForestRe
Specialty MGA UK, a recently formed MGA focused on providing additional capacity for specialty lines of businesses, has acquired commercial forest and plantation specialist ForestRe.
Specialty MGA UK provides services in the forestry sector, with a portfolio that extends to 30 countries including Australia, New Zealand, South East Asia, Southern Africa, Latin America and many US states including Alaska. The transaction expands its global reach and expertise.
ForestRe managing director Phil Cottle (pictured) and his team provide insurance services for clients including independent forestry owners, commercial forest enterprises, timber merchants and saw log producers. Cottle has been a leader in forestry and crop risk insurance for three decades and is a recognised global expert on plantation management.
Specialty MGA UK, group chairman Manoj Kumar said: “As part of Specialty MGA UK, ForestRe’s clients will get the benefit of enhanced underwriting capacity as well as continued investment in the latest products and services - including parametric insurance products - making its expertise even more accessible and giving its global clients access to the Lloyd’s market.”
Cottle said: “Specialty MGA UK has a great vision for the future. The company’s strong collaborative culture makes it a natural home for us and its worldwide network of clients in key African, Latin American and European markets will extend our reach and capacity. Specialty MGA UK is one of the very few companies within the forestry industry with access to Lloyd’s and markets worldwide, providing clients with the global coverage they need.
“The launch of the Forests and Climate Leaders’ Partnership at COP27, demonstrated the vital role specialist insurers can play. We are working on a number of projects with investors and major brokers involving forestry investment for carbon sequestration and reduced emissions, to help protect forests worldwide.”
Specialty MGA UK chief underwriting officer, Philippe Bara, added: “It’s very exciting to add the forestry sector to our expertise. With an increase in the challenges facing plantation owners and commercial forestry from climate change, we offer a world-beating service to clients.
“Phil and his team are at the cutting edge of new research, working on the latest fire, storm and wind modelling. They are globally acknowledged for what they do, providing the most comprehensive expertise on the latest forest management techniques and giving clients access to the very latest innovations.”
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