22 July 2016 Insurance

Insureon introduces MGA with over $3bn of capacity from Lloyd’s

Insureon, an online agent for small-business insurance, has formed a managing general agent (MGA), Insureon Underwriting Managers, to operate under the company’s wholesale brokerage subsidiary, Insurance Noodle.

Insureon Underwriting Managers’ formation follows Insureon’s tribunalisation with Lloyd’s of London earlier this year.

The MGA is supported by a capacity of over $3 billion, which was recently secured from various syndicates at Lloyd’s of London.

Coverage for coastal homeowners, including named-storm coverage, and coverage for home-based business risks are included in its offering.

The MGA is powered by Insureon’s bind-to-quote insurance management software, TRUDI.

Ted Devine, chief executive officer of Insureon Holdings, said: “We greatly appreciate and understand the power of our primary carrier relationships and their ability to support clients.

“These relationships will not change and will only continue to grow. At the same time, we saw a big appetite in the market for hard-to-place and unique risks that primary carriers don’t want. Insureon Underwriting Managers allows us to build capacity to meet those customers’ needs.”

“Insureon Underwriting Managers represents the logical next step in our strategy. Insureon’s primary carriers write 80 percent of the risk in the United States, but for the remaining 20 percent, we need to offer bespoke capital solutions.”
Ralph Blust, president of Insurance Noodle, added: “It’s an exciting evolution for Insureon Holdings as we bring new specialty risk capacity to the marketplace.

“As Ted noted, primary carriers will always be our lifeblood, but this new capacity will allow us to better serve the 1,400 verticals our customers represent, including niche risks.”

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