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A Managing General Agent (MGA) is described by International Risk Management Institue (IRMI) as a type of insurance agent/broker. Unlike traditional agents or brokers, an insurer authorised them for underwriting on behalf of a delegated underwriting authority (DUA).
A Managing General Agent (MGA) company can have several responsibilities depending on the type of MGA. The most important ones include:
An MGU is a Managing General Underwriter. This is a company that manages multiple MGAs, connects them to capacity and doesn’t underwrite directly themselves. An MGA on the other hand, reports to the specific capacity provider(s) and underwrite directly themselves.
In an ideal world, an MGA will use end-to-end underwriting software so they can manage their entire business. When referring to end-to-end consists of quoting, using a rating engine, policy administration, reporting, accounting and claims management. Additionally, there are enrichment tools which assist in automating the underwriting process.
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