While the history of the specialty insurance market is marked by periods when carriers turned away from managing general agents handling program business, such MGAs will forever have a place in the industry, one bullish executive predicts.
"This is not a business that is writing its final chapters by any means," said Stephen Porcelli, senior vice president for Hudson Insurance Group, the U.S. insurance division of OdysseyRe in New York.
"I do think that MGAs and program administrators will go through cycles, and there will be times of great disruption. But it is a business that will always be with us in the insurance industry," he said.
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