ian600f / istockphoto.com
Earlier this year, Vibe MGA Management was the latest managing general agent incubator to be launched in the London Market. Danny Maleary, its CEO, explained its aims, ambitions and international outlook to Intelligent Insurer.
A growing regulatory burden has made it increasingly difficult for startup insurers to get off the ground. This has led to the rise of the so-called ‘managing general agent (MGA) incubator’ business model—which can be of real benefit to consumers, facilitating innovation and more choice in the market.
That is according to Danny Maleary, the chief executive of Vibe MGA Management (VibeMM), an independent MGA incubator business providing support for insurance entrepreneurs, which was launched by the Vibe group of companies earlier this year, backed by Quantum Strategic Partners (managed by Soros Fund Management) and Pine Brook Partners.
MGA incubators can provide an operational platform and specialist services for new and developing MGAs, offering a quick and cost-efficient solution to enable them to establish themselves and grow their businesses, Maleary says.
Danny Maleary, MGA incubator, Vibe MGA Management, London, UK