More managing general agents are being created all the time. But what will determine which succeed and which fall by the wayside? Intelligent Insurer investigates.
In recent years a plethora of managing general agents (MGAs) has been created in the London Market. Underwriting talent has found many willing backers as carriers desperately seek new business and an edge.
Starting and scaling up an MGA has always been an attractive option for talented underwriters. Those who succeed can reap the rewards, but not everyone succeeds and the road to success can be long and winding.
Some have launched their MGA with a specific purpose or unique selling point in mind, aiming to succeed where others have failed. Most have done this by adhering to a plan. We spoke to two entrepreneurial individuals to gain insights into the main dos—and one don’t—when it comes to forming an MGA.
MGAs, creation, advice, planning, targets, underwriting