A new managing general agent has launched in London called “Specialty MGA UK,” which is focusing on providing additional capacity for specialty lines of businesses and hard-to-place risks.
Specialty MGA UK provides all line services across all global territories and is backed by rated securities, with more securities currently being added to the panel of reinsurers, the company said.
Specialty MGA UK said it is offering “new and meaningful capacity to the market, providing brokers and their clients with immediate decisions and instant answers.”
It is focusing on lines of business which include but are not limited to property, construction, energy, marine, construction, aviation, financial lines, accident & health and surety.
Being in very close proximity to the Lloyd’s market, the MGA will be able to offer brokers easy access to underwriting experts, who are very keen to meet with brokers to discuss their needs, Specialty MGA UK said in a statement.
The team is headed up by Philippe Bara, class underwriter for Energy, who has moved from broking to return to his previous expertise in underwriting. Bara has worked for Partner Re as a senior underwriter in the past and brings with him 30 years of experience in the energy market including windfarms, geothermal, offshore energy, power cables and shale gas and oil, in both Paris and London.
He is joined by Mark Palmer, senior underwriter for International Property, who has almost 40 years of experience working in the insurance and reinsurance industry. Palmer has written for both Lloyd’s of London syndicates and London-based companies throughout his extensive career. His underwriting experience covers most trades, occupations and territories with a focus on Central and South America in the last ten years, overseeing property referrals worldwide.
Specialty MGA is backed by Specialty Management UK which has interests in other insurance entities including MGAs, insurtech and a Lloyd’s broker.
Specialty Management UK is a holding company used as a special purpose vehicle to set up or acquire insurance related businesses. It is owned by father-son duo: Manoj Kumar and Naman Kumar. Manoj Kumar has been in the insurance industry for 40 years and has set up insurance companies, MGAs, Lloyd’s brokers and an insurtech company. Naman Kumar comes from a private equity and hedge fund background, having worked in Carlyle and PIF, Saudi Sovereign Wealth Fund.
“Specialty MGA UK will provide brokers and their clients with answers straight away. Our extensive experience as senior underwriters in the industry and deep understanding of our clients’ industry sectors allows us to respond to any requests or claims immediately without delay, providing clients with rapid underwriting decisions which cannot be matched elsewhere,” commented Philippe Bara, Specialty MGA UK’s class underwriter for Energy.
“We deliver real value to our clients through finding unique solutions to their requirements, providing flexible services and covers to sufficiently meet to their ever-changing needs.”
“Based in Central London and a short distance from Lloyd’s market, we are very keen to meet clients in person to enhance our relationships and discuss their specific needs and requirements,” said Mark Palmer, Specialty MGA UK’s class underwriter for International Property.
“As a new and forward-thinking MGA, we will do everything to make brokers’ lives easier through providing their clients with speedy, concise and predictable services that will significantly reduce their cost of risk,” Palmer added.
Source: Specialty MGA UK
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