Diversification and the forming of new partnerships are playing an important role in the changing industry model. John Holm, executive director at Capita Insurance Services, talks to Intelligent Insurer about the increasing role of MGAs in this process and explains some of the outcomes of the Intelligent Insurer 2015 MGA survey.
As re/insurers grapple for new business and seek innovative growth prospects, managing general agents (MGAs) represent an increasingly promising avenue to explore with hopes of diversification and openings into new markets.
Producing positive profit streams based on a lower loss ratio than many mainstream insurance portfolios, many MGAs are writing niche business outside of the competitive environment of the traditional insurance classes.
“Large lines such as aviation, marine and property are under pressure, but the niche classes do not appear to be facing the same pressures, so insurers are looking to use their capital more effectively and are looking to provide more capacity for MGAs,” says John Holm, executive director at Capita Insurance Services, who focuses on developing the company’s presence in the MGA market.
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Capita, MGA, John Holm, MGA Survey