The Canadian insurance market witnessed substantial growth in the Managing General Agency (MGA) sector over the past few years. We know the market turns to MGAs for risk placement because they’re able to respond to risks which others can’t – but how? How are MGAs structured to respond to the market’s needs? What factors need to be considered as an MGA is being set-up? Are there different MGA models? Please join our two dynamic MGA leaders who share the insights they gained in setting up their own MGAs.
• Identify strategies when underwriting distressed risks
• Discuss how to bring a new product to market
• Review how to set up the claims process and how delegated claims authority works
• Define wordings for distressed risks, as well as legal considerations that need to be addressed as an MGA begins operating
• Explain what risks require special prior approval beyond agreed underwriting contracts
• Examine E&O, money laundering and Cyber risk considerations of the MGA marketplace
Mark Woodall, President & Owner – Bubba Holdings Ltd.
Mark has extensive, long-term involvement as a large loss adjuster for Lloyds, and actively promotes Lloyds in Canada on a number of issues. With forty years’ experience in the industry, he has worked at the senior management level with a number of large domestic insurers. As well, he held the position of COO for a large independent adjusting company. Being well-recognized for his specific expertise in the industry, he is often called upon to deal with difficult risks, and has worked as a skilled self-employed large loss adjuster. Over his career, Mark has taught courses for the Insurance Institute of BC and was awarded Instructor of the Year in 1998. Mark was selected as the Insurance Person of the Year in BC in 2009, and is a regular speaker for the insurance industry.
Greg Markell, FCIP, CRM, President & CEO – Ridge Canada
Greg’s career in p&c underwriting quickly advanced into executive and professional risk, with a focus on D&O insurance. He was a partner in a national brokerage where he focused on specialty insurance products for financial services companies, including D&O and cyber liability. In 2014, he joined a top 10 global broker, where he was a resource for his colleagues for D&O and the practice leader for cyber and privacy liability. Currently as President and CEO of Ridge Canada, an MGA that offers insurance solutions for cyber and privacy needs, Greg provides wholesale solutions to retail brokers, along with consulting work regarding cyber and privacy insurance programs. As a leading insurance expert in cyber and privacy liability, Greg has advised public, private, and non-profit organizations regarding their risk transfer of organizational exposure to cyber-related losses. He has appeared in numerous insurance publications and also sits on the advisory board of InfoSec TO, which is a joint collaboration between private business and the Toronto Police Cyber Forensics Unit.
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Number of Continuing Education Credits: 2 CE Credits (pending)