A managing general agent (MGA) is an insurance entity which provides underwriting services and operates under the authority of authorised and regulated insurers. This authority enables the agent to carry out many of the functions undertaken by an insurer, including placing business, issuing policies and handling claims.
MGAs are often used to extend an insurer’s underwriting remit into highly specialised lines of business, with the facility being managed by experts in that particular field. According to the Managing General Agents’ Association, MGAs currently underwrite approximately 10% of overall general insurance market premiums in the UK alone.
There are multiple advantages to the client from working with an MGA. Firstly, the MGA operates a lean business model meaning that the client benefits from the cost advantages this creates. This operating model also means that the MGA is able to work with the most appropriate partners for each and every scheme we develop. Also, by setting our underwriting sights firmly on one specific sector, the client will always be the central focus and will never suffer as a result of the company’s need to balance cross-line portfolios.
Vecta’s three founding partners previously worked together as the core of the A&H European Management Team of a global insurance company.
We believe that insurance is not just about underwriting. It is about understanding customer needs, designing appropriate solutions and delivering on these promises. Each part is essential but redundant without the others. Our strength as a team is that we bring discrete but overlapping skill sets. This is what we believe sets us apart.