World Leader in Involuntary Unemployment Insurance and Credit Enhancement Products.
Dealer Motor Services of Illinois.
Maximise your Dealer Retention Programs with Down Payment Guarantee. Available in US and Canada.
Market leader of Extended Warranty Programs for Construction Equipment.
What is a Managing General Agent.
In insurance, a managing general agent is defined legally as “an individual or business entity appointed by an insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorised to do so by an insurer, to effectuate and countersign insurance contracts”.
In the U.S. And Canada, a managing general agent may perform one of many tasks performed by an insurer. These include but are not limited to, sub-contracting with independent agents for placement of business, negotiating commissions, handling claims, issuing policies, processing endorsements, collecting policy premiums or being responsible for completion of regulatory reports for state or federal agencies.
Historically managing general agents came about when insurance companies located in eastern United States in the late 19th century and early 20th century. Primarily New York, wanted to expand their markets to Western U.S., yet did not have the resources to open a regional or local office. Managing general agents filled that need by providing local and knowledgeable resources who were able to properly underwrite the risks, service the policies and handle claims.
We are currently supporting three MGA’s with exclusive facilities in the USA and Canada:
Job Loss Protection of Amercia Inc
Dealer Motor Services of Illinois
We have introducer agreements in place with three Lloyd’s brokers to ensure that all business is processed via Xchanging, and physically oversee the operations to ensure that quality control is always correctly adhered to. Because of our independent nature and our network of contacts with capacity providers we can generally determine and appraise a business fit and or case for most “place-able” opportunities.
We are hopeful of cementing relationships with further MGA’s pending the outcome of a number of enquiries we have been recently working on in the US, Canada, UK and Western Europe, UAE, Central Eastern Europe and Asia.