Specialty MGA UK, a recently formed managing general agent focused on providing additional capacity for specialty lines of businesses, has acquired the ForestRe team from Globe Underwriting, the UK-based MGA.
Financial details of the deal were not disclosed.
The team from ForestRe are commercial forest and plantation specialists who provide insurance services for clients such as independent forestry owners, commercial forest enterprises, timber merchants and saw log producers, Specialty MGA UK explained in a statement.
“As part of Specialty MGA UK, ForestRe’s clients will get the benefit of enhanced underwriting capacity as well as continued investment in the latest products and services – including parametric insurance products – making its expertise even more accessible and giving its global clients access to the Lloyd’s market,” commented Manoj Kumar group chairman of London-based Specialty MGA UK, which was launched in October 2022.
ForestRe founder Phil Cottle has been a leader in forestry and crop risk insurance for three decades and is a global expert on plantation management. Cottle joins a team of engineering, financial and investment experts at Specialty MGA UK, which includes Daniel Longden, who has worked in forestry underwriting since 2015 and manages the daily operations of the business as well as developing relationships with producing brokers globally.
Longden works alongside Yuming Zhi, who is a specialist in risk data modeling and rating procedures.
The ForestRe team employs one of the most comprehensive and widely accepted tools for global fire and wind scar mapping to generate independent data for underwriting, Specialty MGA UK said.
With the ForestRe team in place, Specialty MGA UK said it is one of only a handful of companies that provides services in the forestry sector, with a portfolio that extends to 30 countries including Australia, New Zealand, South East Asia, Southern Africa, Latin America and many U.S. states including Alaska.
“Specialty MGA UK is one of the very few companies within the forestry industry with access to Lloyd’s and markets worldwide, providing clients with the global coverage they need,” commented Cottle.
“The launch of the Forests and Climate Leaders’ Partnership at COP27, demonstrated the vital role specialist insurers can play,” he added. “We are working on a number of projects with investors and major brokers involving forestry investment for carbon sequestration and reduced emissions, to help protect forests worldwide.”
“It’s very exciting to add the forestry sector to our expertise. With an increase in the challenges facing plantation owners and commercial forestry from climate change, we offer a world-beating service to clients,” said Philippe Bara, chief underwriting officer for Specialty MGA UK.
“Phil and his team are at the cutting edge of new research, working on the latest fire, storm and wind modelling. They are globally acknowledged for what they do, providing the most comprehensive expertise on the latest forest management techniques and giving clients access to the very latest innovations,” Bara continued.
Source: Specialty MGA UK
Topics Mergers & Acquisitions Commercial Lines Excess Surplus Underwriting Insurance Wholesale
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