Specialty MGA UK eyes international expansion as Lloyd’s Coverholder
Specialty MGA UK, a newly formed MGA focused on providing additional capacity for specialty lines of businesses, has been approved as a Lloyd’s Coverholder.
Coverholder status will allow Specialty MGA UK to be given binding authority by Lloyd’s syndicates, allowing it to provide businesses around the world with insurance and reinsurance solutions.
Specialty MGA UK’s ForestRe team, which specialises in services for commercial forests and plantations, will be able to provide cover through a Lloyd’s Syndicate. The team will 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. Having been set up last year, Lloyd’s accreditation represents a significant step for the company as it builds its international offering.
The MGA said additional capacity will help it develop better penetration 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.”
Philippe Bara, chief underwriting officer at Specialty MGA UK, added: “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.”
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