We have combined our reinsurance expertise with knowledge of Agencies, Insurers and Reinsurers to deliver great value as a Binder Broker to all, generally at no cost to the Agency (MGA).
Many Insurance companies in Australia have come to the realisation that managing general agents (MGA’s) are better equipped to underwrite, manage expenses and provide superior service to clients (brokers). Employing an efficient MGA strategy enables Insurers to reduce costs and concentrate on their role of managing risk and capital.
MGA’s have becomes virtual insurance companies monitoring expense, risk and profitability; some MGA programs come complete with existing reinsurance programs. Inherent in modern day MGA agreements are sliding commission scales or profit sharing thus ensuring profitability. Profit share is only released after an acceptable time has passed ensuring that claims are fully developed, this period will depend on the type of business transacted be it short or long tail business.
Wickshire will work with you in running or establishing an Agency, the development and launch of new products, the securing of additional or alternate capacity as well as ongoing binder management, support and renewal.
If an Insurer is looking to enter the Underwriting Agency Market Wickshire is well placed to provide consultancy services on the steps required to move in this direction.