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MGA

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News BrokersInsuranceMarkets / CoveragesTechnology

Can farm insurance coverage be delivered online?

March 25, 2024 Alyssa Di Sabatino

The words ‘technology’ and ‘farm insurance’ aren’t always mentioned in the same breath. Historically, farm insurance providers do most of their business through offer and acceptance — sending either online or paper applications to clients. Underwriters and brokers then use

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News BrokersCommercial LinesInsuranceMarkets / CoveragesMGAs

Why growth is the name of the game for Canadian MGAs

January 9, 2024 by Jason Contant

Canada’s property and casualty MGA sector will likely double in the next five years when it comes to commercial insurance market share, an industry executive told Canadian Underwriter in an interview. Currently, about 20% of commercial business is placed with

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News InsuranceMarkets / CoveragesMergers and AqcuisitionsMGAsProductsProfessional Development

U.S.-based insurance provider to acquire Sutton Special Risk

December 6, 2023 by Jason Contant

New York-headquartered insurance services provider Amynta Group has entered into a definitive agreement to acquire specialty insurance managing general underwriter (MGU) Sutton Special Risk Inc. “The acquisition of Sutton expands Amynta’s offerings in the accident and health market and accelerates

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News AnnouncementsBrokersInsuranceMergers and AqcuisitionsMGAs

Aviva Canada to acquire “capital light” MGA

November 27, 2023 by David Gambrill

Aviva Canada is acquiring Optiom O2 Holdings Inc., a managing general agent (MGA) that specializes in vehicle replacement insurance in Canada. The $170-million Cdn deal is subject to regulatory approval and is expected to close in the first quarter of

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News Commercial LinesEarnings / RatingsInsuranceMarkets / Coverages

How this ratings agency views the Canadian MGA market

October 10, 2023 by Jason Contant

Ratings agency AM Best will likely maintain its positive outlook on the global delegated underwriting authority enterprises (DUAE) market, an executive said Friday during AM Best’s Canada Insurance Market Briefing in Toronto. “On Dec. 5, 2022, we did assign a

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News AssociationsBrokersCommercial LinesInsuranceMarkets / CoveragesMGAsProducts

Is it possible for MGAs to become too mainstream?

July 5, 2023 by Alyssa DiSabatino

While Managing General Agents (MGAs) say their firms are here to stay, their competitors are discussing whether the specialty underwriting market is oversaturated. The topic arose in response to an audience question about whether the industry acknowledges the role MGAs

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News InsuranceMarkets / CoveragesMGAs

How Lloyd’s is addressing MGA pain points

June 13, 2023 by Jason Contant

Lloyd’s is looking to address a major pain point for MGAs — duplication of compliance requests from syndicates. The insurance marketplace is looking to kickstart and facilitate conversations with syndicates on compliance and due diligence, Jane Harley, head of delegated

Writing the exam
News AssociationsBrokersCommercial LinesInsuranceLegislation / RegulationMGAsProfessional Development

Broker regulator outlines approach to MGA licensing

June 12, 2023 by Jason Contant

Ontario’s broker self-regulatory body is looking at its licensing exams with a stronger focus on commercial lines and MGAs, Registered Insurance Brokers of Ontario (RIBO) CEO Patrick Ballantyne said last week during an industry event.  “Those exams are currently under

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News AssociationsBrokersCommercial LinesInsuranceMGAsRisk

How insurers will handle new third-party risk-management guideline

May 18, 2023 by Alyssa DiSabatino

Canada’s financial solvency regulator’s new guideline for managing risks associated with third parties (including brokers) will require insurers to find a ‘balance point’ for compliance, one industry expert said.  The Office of the Superintendent of Financial Institutions Guideline B-10: Third-Party

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News BrokersCatastrophesClaimsCommercial LinesInsuranceMarkets / CoveragesMGAsRisk

Why MGAs are here to stay

May 2, 2023 by Alyssa DiSabatino

Hard markets have historically offered a tremendous opportunity for growth for managing general agents (MGAs), but industry experts say they will be here to stay even when the market softens.  Unlike primary insurers, MGAs provide capacity in specialized areas of

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News AssociationsBrokersInsurance

Why RIBO’s considering a harmonized standard for broker licensing, and MGA carve-out

October 4, 2022 by Jason Contant

The Registered Insurance Brokers of Ontario (RIBO) is working with the Canadian Insurance Services Regulatory Organizations (CISRO) to review property & casualty agent and broker education and training requirements to make recommendations regarding a harmonized standard. This could take the

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News Insurance

Brokers and carriers react to MGA self-regulation

March 28, 2022 by Jason Contant

Property and casualty insurance carriers and brokers have embraced the Canadian Association of Managing General Agents’ (CAMGA) self-regulatory regime, the association’s managing director tells Canadian Underwriter. Late last year, CAMGA’s board and membership approved and adopted the undertaking as a