Mga Insurance

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Our team of experts are ready to hear from you. A managing general agent (mga) or a managing general underwriter (mgu) is a specialized type of insurance agent or broker that has been granted underwriting authority by an. Managing general agent (mga) — a specialized type of insurance agent/broker that, unlike traditional agents/brokers, is vested with underwriting authority from an insurer. Accordingly, mgas perform certain functions ordinarily handled only by insurers, such as binding coverage, underwriting and pricing, appointing retail agents.

An mga is an agency whose primary function and focus is the provision of underwriting services and whose primary fiduciary duty is to its insurer principal. This method of operating is particularly concentrated at the sme end of the market, a potentially vulnerable class of customers, and includes compulsory classes like motor liability and. An mga is a managing general agent, in the uk this is often referred to as a wholesaler, although in truth there are differences between the operations of an mga and a wholesaler per se. An mga represents an insurance company, generally in a particular territory or in a particular line of business, and is responsible for the distribution of the. An mga is an independent insurance agent who sells insurance policies through a network of local offices. These offices are owned by the mga but operated independently. Each office has its own staff, including salespeople, managers, and administrative employees. The mga owns all of the assets needed to operate the business such. We suggest you contact your mga broker in such situations.