The glut of new managing general agencies attracting capital may well trigger innovation in the market. But starting such an operation is not as simple as it used to be and comes with many challenges that must be overcome, as Frank Fortunato explains.
Sometimes you can hear the whistle of an oncoming train from a long way off. Consider the following remarks from two of the most respected people in the insurance industry.
Mike McGavick, CEO of XL Capital, was quoted by Intelligent Insurer saying that the relevance of insurance and reinsurance to society as a whole in the property casualty space is declining. He believes the industry should meet this challenge head on by addressing emerging risks, creating new products and providing insurance buyers with the coverage they want and need.
Next, Pat Ryan, CEO of RSG Group said, again to this magazine, that holders of excess capital in the reinsurance market are seeking opportunities to back managing general underwriters (MGU) in the surplus lines market. He said reinsurers’ support for MGUs would help fuel innovation and enable specialty underwriting facilities to build larger blocks of capacity to write more challenging risks.
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Managing general agencies, Ryan Specialty Group, Catex