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MGA Market Strong, According to Guy Carpenter Survey

By: Elizabeth Sedlock | Posten on: Mar 6, 2012 8:26:00 AM

Guy Carpenter released the results from their Seventh Annual Specialty Program Issuing Carrier Survey (2011) and the news was positive.  The MGA market is still strong and the majority of insurers in the space believe the segment will continue to grow over the next few years.

According to the survey, "Fifty-one percent of respondents believe this segment will grow, while only 8 percent see it shrinking. These perceptions may be a result of the fact that 36 percent of the respondents are experiencing a greater number of new business opportunities in their pipelines, while 43 percent are holding steady year over year."

In addition, the survey presented some clear findings about the changing appetites in the market.  Specifically, the personal lines insurance market appetite has remained about the same while the commercial lines insurance market appetite is steadily growing.

To read the press release about the survey, visit Guy Carpenter's Press Room.

 

Topics: speciality insurance, Stuckey & Company, mga, specialty insurance, Stuckey & Co., mga insurance, professional liability, insurance wholesaler

4 Reasons to Partner with an MGA

By: Elizabeth Sedlock | Posten on: Feb 10, 2012 3:43:00 PM
Being an insurance agent is hard enough without adding the pressure of finding new markets and trying to place specialty business.  As a retail agent, you can’t specialize in EVERYTHING.  That is where a managing general agent (MGA) comes in. 
  1. Knowledge.  MGAs usually specialize in certain markets and have vast knowledge about carriers and appetites.  Insurance underwriting is complex and the knowledge an MGA can bring to the table is invaluable, especially when placing business that the general marketStuckey Specialty Insurance does not regularly write. 
  2. Customer Service.  MGAs pride themselves on having an underwriter available to speak to you any time.  The more complex the business, the more critical it is to have immediate access to your underwriter.
  3. Multiple Carriers.  The majority of MGAs have relationships with many mainstream and specialized carriers.  The underwriters understand appetites and products from all the carriers, allowing them to give you products that are right for your clients.
  4. Less Paperwork.  How much time do you (or your agency) spend on answering questions and sending information on endorsements?  Imagine if that time were spent selling.  An MGA has dedicated staff to handle the policy changes and endorsements that can so easily clog up your inbox.
Look for an MGA with a proven track record, strong carrier relationships and binding authority.  Once you partner with an MGA, you can bind more business and offer your clients superior choices for coverage.

Topics: Stuckey & Company, mga, mga insurance, insurance wholesaler

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