Pro Global plans to manage 10 MGAs on its incubator platform by year end
Pro Global says it will manage at least 10 managing general agents (MGAs) by the end of the year, a 25 percent increase on the eight it currently manages.
Danny Maleary, chief executive officer of MGA solutions at Pro Global, said it is looking to grow the business globally, especially in Asia, and to help its MGAs grow.
The eight MGAs Pro manages have aggregate premiums of around $150 to $160 million, are geographically diversified and highly specialised, each with its own different niche, said Maleary.
He noted that growth is getting easier as Pro builds its reputation within the industry, and stressed the company would conduct robust due diligence on prospective clients.
“We are looking for entrepreneurs, disruptors, people who embrace technology, who have vision but are also realistic about what they can achieve,” he said.
Maleary said Pro is looking for MGAs that specialise in different businesses, and does not want its MGAs to compete with each other directly.
Pro acquired MGA incubator platform Vibe MGA Management in London, in April this year, marking its entrance into the MGA space. Vibe had been active in the space since 2017.
Since then, Pro has provided a full service offering for MGAs, offering them a full toolkit, including back office functionality, infrastructure and technology.
Maleary said the biggest challenge facing its MGA clients is locating risk appetite.
“Appetite is available, but it is about making sure you choose the right partner. That is what we can help them with,” he said.
That is why Pro’s business proposition is so attractive for MGAs, he added: it does not take any risk itself, so it is completely free from conflict of interest in its client relationships.
Maleary said: “We are not a risk-carrying platform, we are not a reinsurer, we are not competing with our clients in any way—we only complement them.
“Clients can be assured Pro will advise them when they are looking for such partners, without any possibility that we have ulterior motives in the advice we give,” he concluded.
