Drone MGA secures Lloyd’s coverholder status

Managing general agent (MGA) Moonrock Drone Insurance has achieved Lloyd’s coverholder status.

A coverholder is a firm authorised to enter into a contract of insurance on behalf of a Lloyd’s syndicate.

It means that Moonrock will now be able to underwrite and manage insurance policies on the authority of Lloyd’s.

Simon Ritterband, managing director and founder of Moonrock, said: “We’re delighted to join the ranks of Lloyd’s coverholder status and gain access to the extensive Lloyd’s network.

“This achievement is a mark of our credibility and integrity and serves to highlight the insurance opportunities emerging in the drone space.”

Partner

Moonrock added that it was able to become a coverholder with the support of Apollo Underwriting, its long-term insurance partner.

”I would like to thank the aviation team at Apollo for seeing the potential in this market, supporting us through the process and acting as our sponsor,” Ritterband said.

Apollo added that Moonrock becoming a coverholder was a “great opportunity”, with the drone industry set to contribute £45bn to the UK economy by 2030.

”Their drone expertise is second-to-none in what is a growing but quite complex area,” Martin Jackson, aviation class leader at Apollo, said.

”Our initial focus was limited just to UK risks, but it quickly became clear that there were opportunities worldwide.

”We have already significantly surpassed our early growth expectations and are confident that this will continue over the next few years.

”This long-standing partnership with Moonrock complements Apollo’s wider aviation offering and our plans to continue expanding into new areas.”