Primagency Adds Brokerage Group
NU Online News Service, April 30, 10:07 a.m. EST?Primagency, Inc., a national debt finance agency based in New York City, announced the launch of its Insurance Brokerage Group today.
The aim of the new venture is new business and helping company partners provide better client service, said Primagency's chief marketing officer, Sheila A. McGarrigle.
"Today, insurance brokerages, like other professional service firms, are looking to make credible referrals to other companies better suited to help their clients with complex financial transactions that fall just outside their areas of expertise," she explained.
The company said it has appointed Rick Bingham to lead this practice group as an associate director of their Origination Partner Program.
Primagency said Mr. Bingham's background included 12 years working and consulting with the insurance brokerage community, in a variety of sales management and underwriting positions at Collectify LLC, Fireman's Fund and the Chubb Group.
Ms. McGarrigle said the Origination Partner Program "affords brokers a 'gateway' to our debt funding network, providing 'lines of liquidity' for their clients, while creating sustainable revenue channels outside the traditional insurance model."
Primagency works as an intermediary to secure debt for middle-market firms. "Financial institutions tell us that over 90 percent of all financing requests made by middle-market firms are turned-down." Ms. McGarrigle said. "Now more than ever it is essential for these clients to have professional representation when they seek financing."
Primagency (www.primagency.com) is a national finance agency managing the secured debt funding process from pre-underwriting to closing. The company said its mission is to reengineer the funding process by delivering a comprehensive agency perspective across multiple lines of business and by providing customized solutions on various lending platforms that benefit both borrowers and lenders.
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