’Coverholder status makes our considerable expertise even more accessible,’ says chief underwriting officer
Speciality MGA UK has been approved as a Lloyd’s coverholder, a statement released today (5 July 2023) revealed.
The recently formed MGA, which was incorporated on Companies House in December 2021, provides additional capacity for specialty lines of businesses.
This includes accident and health, construction and engineering, cyber risks and energy.
Gaining coverholder status will allow the firm to be given binding authority by Lloyd’s syndicates, allowing it to provide businesses with insurance and reinsurance solutions.
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.”
The firm added that additional capacity will help it develop ”better penetration in the market and offer more scope to back hard-to-place risks”.
“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,” Bara added.
Forestry expertise
Speciality MGA UK also has a ForestRe team, which provides specialist services for the forestry industry, such as parametric wildfire cover.
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The team will be able to provide cover through a Lloyd’s syndicate and support Lloyd’s customers wanting additional forestry expertise.
Phil Cottle, head of forestry and agriculture at Specialty MGA UK, said: ”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.”
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