Insurers Reveal Strategies On MGA ProgramsOnly managers of programs that are truly well-defined niches need apply to the E&S insurance market for capacity, according to representatives of a handful of companies that remain committed to MGA-driven program business.
If its a general book of business, we dont want it, carriers said over and over in recent interviews when asked to advise managing general agents on how to sell their programs at a time when many insurers and reinsurers have chosen to abandon the program business segment.
"Our number one business strategy is niche," said Bill Donnell, business leader for P&C Select division of GE ERC Commercial Insurance in Overland Park, Kan. Explaining what he meant by "niche customers groups and niche products," he said, "another way to understand that is, it's off Main Street. We're not insuring the bank, the baker, but the machine shop, the tow truck operation, the pest control operation that's off of Main Street."
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
