Specialty MGA UK, a recently established managing general agent (MGA) dedicated to offering additional capacity for specialty business lines, has obtained approval as a Lloyd's Coverholder.
This Coverholder status grants Specialty MGA UK the authority to bind insurance policies on behalf of Lloyd's syndicates, enabling it to deliver insurance and reinsurance solutions to businesses worldwide.
“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,” said Phil Cottle (pictured), head of forestry and agriculture at Specialty MGA UK.
Specialty MGA UK's ForestRe team can now offer coverage through a Lloyd's syndicate. The team will provide support to Lloyd's clients seeking forestry-specific knowledge as the importance of offsetting emissions and reducing carbon footprints continues to grow.
“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,” Cottle said.
In addition, Specialty MGA UK possesses expertise in areas such as surety, financial lines, cyber, and international property. Since its establishment last year, the Lloyd's accreditation marks a significant milestone for the MGA as it expands its global offerings.
“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,” said Philippe Bara, chief underwriting officer at Specialty MGA UK.
“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.”
