The recently formed Specialty MGA UK, which is focused on providing additional capacity for specialty lines of business, 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 of Specialty MGA UK, said, “This is an important step forward for everyone at Specialty MGA UK, and I am delighted with the rapid progress we have made in a relatively short period of time. The coverholder status makes our considerable expertise more accessible and gives clients access to greater capacity.
“Our focus has always been on delivering value for clients by finding unique solutions to their problems, and the new capacity at Lloyd’s significantly increases our ability to do that.”
Specialty MGA UK’s ForestRe team, which provides a specialist service for commercial forestry and plantations, is able to provide cover through Lloyd’s Syndicate to support Lloyd’s customers seeking additional forestry expertise. With the growing importance of reducing carbon footprints, forestry provides a potential means of offsetting emissions.
MGA’s expertise also extends to areas such as surety, financial lines, cyber, and international property.
The increased capacity will help it develop a better presence in the market and offer more scope behind difficult-to-place risks.
Phil Cottle, Head of Forestry and Agriculture at Specialty MGA, said, “We are delighted to be accredited as a Lloyd’s Coverholder, and to be able to use one of the world’s most renowned and trusted sources of insurance. Specialty MGA UK fills many gaps -the market, especially in areas like forest insurance, where we can really offer something new to clients.
“The development of this offer will be good news for Lloyd’s and its customers on 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 in the reforestation and carbon credit space.
