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COM3 MGAs: Managing for Success. Wayne Keller – Arch Insurance Company Cameron Vogt – Munich Reinsurance America, Inc. 2007 CAS Ratemaking Seminar March 8, 2007 - Atlanta, GA. Agenda. Overview of MGA/Program Business Due Diligence Process Managing a Program Summary. Overview.

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Com3 mgas managing for success

COM3MGAs: Managing for Success

Wayne Keller – Arch Insurance Company

Cameron Vogt – Munich Reinsurance America, Inc.

2007 CAS Ratemaking Seminar

March 8, 2007 - Atlanta, GA

MGA's Managing for Success


Agenda
Agenda

  • Overview of MGA/Program Business

  • Due Diligence Process

  • Managing a Program

  • Summary

MGA's Managing for Success


Overview
Overview

  • Program Administrator (PA)

    • An agency that provides some or all of the following services:

      • Marketing

      • Underwriting

      • Binding

      • Policy Issuance

      • Premium Collection

      • Data Processing

      • Loss Control

      • Claims Management

MGA's Managing for Success


Overview1
Overview

  • Program Administrator (PA)

    • Independent contractor, not a branch of the company

    • Could be called managing general agent (MGA), managing general underwriter (MGU) or simply general agent (GA)

    • Aggregator of retail agents and insureds that meet business model for program

    • Some larger PAs employ an Actuary

MGA's Managing for Success


Overview2
Overview

Third Party

Administrator (TPA)

Insurance

Company

Reinsurer

PA/MGA/MGU

Retail/Wholesale

Agent

Policyholder

MGA's Managing for Success


Overview3
Overview

  • Program Business

    • A well defined and narrow segment of insurance marketplace

    • Company interfaces with PA only

    • PA “controls” business

    • PA assumes some underwriting risk

    • Specialized coverage

    • Proprietary rates and rating factors

MGA's Managing for Success


Overview4
Overview

  • Other Attributes of Program Business

    • Life span of program varies

    • Premium rolls on and off in large, identifiable blocks

    • Meaningful expenses at both end points.

      • Due diligence process at the start

      • Run-off expense without premium income at end

    • Expired programs can pile up and strain current resources

    • The universe of established PAs is limited and known.

    • More parameter risk than a book of business produced directly through retail agents.

MGA's Managing for Success


Overview5
Overview

  • Why discuss MGA/Program Business?

    • Significant Market Segment

    • Past Failures

MGA's Managing for Success


Overview6
Overview

  • Causes of Past Failures

    • Soft Market

      • E&S Programs lead the market

      • Binding Authority granted to agency who’s compensated based on premium volume.

    • Inadequate Controls

      • Too Much Binding Authority

      • Lack of Monitoring

    • Lack of Understanding regarding all aspects of the deal

MGA's Managing for Success


Due diligence process for new business

Due Diligence Process for New Business

MGA's Managing for Success


Introduction to due diligence process

Due Diligence Process consists of two phases:

The decision to write the program; and

Preparing the program for operation

Initial program conditions (e.g. rates, underwriting guidelines, audit schedules, forms and other contractual items) are crucial to program success

The due diligence process is interdisciplinary

A due diligence process that is arduous has advantages.

The programs that succeed in the process know that the company’s program portfolio is of a high quality.

A high quality portfolio implies stability and longevity for the company in the program business and stability and longevity for each PA within the company’s program portfolio.

Introduction to Due Diligence Process

MGA's Managing for Success


Phase 1 program selection

Phase 1 – Program Selection

MGA's Managing for Success


Initial program guidelines and selection criteria
Initial Program Guidelines and Selection Criteria

  • Business model:

    • aggregator of small risks

    • niche market

    • timing play

  • Premium volume threshold

  • Successful business plan

  • Excellent reputation

  • Strong PA financials

MGA's Managing for Success


Initial program guidelines and selection criteria cont d
Initial Program Guidelines and Selection Criteria Cont’d

  • Competent underwriting and program management skills

  • Existing market presence

  • Agent participation keyed to profit-sharing return

  • Agreement on Avoided classes

  • Program Structure

    • Fronted or not

    • Reinsurer participation

MGA's Managing for Success


Program submission from program administrator
Program Submission from Program Administrator

  • Marketing Plan

    • Staff experience and background

    • Historic and expected premium volume

    • Distribution of premium by line of business

    • Major competitors

    • Size of potential market

    • Program aspects that differentiate it from other programs

MGA's Managing for Success


Program submission from program administrators cont d
Program Submission from Program Administrators Cont’d

  • Current Program Structure

    • Existing carrier

    • Admitted / non-admitted

    • policy forms

    • policy limits profiles

    • current capacity limits

    • reinsurance structure

    • commission and other compensation

    • claims handling

    • loss control

    • processing and systems capabilities

MGA's Managing for Success


Program submission from program administrators cont d1
Program Submission from Program Administrators Cont’d

  • Underwriting considerations

    • Changes to program exposures

    • Pricing of new versus renewal business

    • account retention

    • Submit/Quote/Bind ratios

  • Producer Profile

    • Agency history

    • insurance protection (fidelity, E&O)

    • licenses

    • agency financials

    • Producer profile questionnaire

  • Submission is reviewed by Program Area Management

MGA's Managing for Success


Underwriting review
Underwriting Review

  • Review and audit of information contained in submission

  • In depth discussion of Business Opportunity

    • Discussion of current program

    • Fit with company business model

    • Alignment of interests between company and PA

    • Reason for PA changing carriers

  • Discussion of general U/W guidelines with PA

    • Excluded risks

    • Premium caps

    • Referrals

MGA's Managing for Success


Actuarial review
Actuarial Review

  • Major Objectives include:

    • Appropriateness of current rate level

    • Appropriateness of rates and rating factors

    • Any characteristics of program that might affect profitability e.g., CAT exposure or high severity

MGA's Managing for Success


Actuarial review1
Actuarial Review

  • Much of the process involves:

    • Collecting data from PA

    • Validating the data

    • Selecting industry data to augment PA data as needed

MGA's Managing for Success


Actuarial review losses
Actuarial Review - Losses

  • Claims runs evaluated at several evaluation points to facilitate construction of loss and claim development triangles, and for auditing summary loss data

  • Loss descriptions used to identify underlying exposures

  • Large loss listing with detailed descriptions

  • Obtain industry LDFs (as needed) by studying loss data.

  • CAT losses

  • TPA history: changes in TPAs with dates.

MGA's Managing for Success


Actuarial review premium
Actuarial Review - Premium

  • Policy listing by year

    • Premium by coverage or LOB

    • Premium by policy limit

    • Premium by state: CAT potential

    • Premium by class: ISO or program specific

    • Audit summary data

MGA's Managing for Success


Actuarial review premium cont d
Actuarial Review – Premium Cont’d

  • Evaluation of rate level change history

    • Individual policy rating methodology

      • Rating “grid”

      • ISO base rates with company LCMs

      • Individual risk rating

    • Comparison of same policy from year to year.

    • Comparison to rating benchmark, e.g.CIAB

    • Review the rating history for a well selected sample of insureds

MGA's Managing for Success


Actuarial review premium cont d1
Actuarial Review – Premium Cont’d

  • Identify underlying exposures, classes or coverage, e.g. premises versus products GL or type of truck; light, heavy etc. or type

  • Evaluate exposure trend

    • Bureau statistics

    • BLS statistics

  • Discuss pricing monitoring with PA

  • CAT exposure for modeling

MGA's Managing for Success


Actuarial review other considerations
Actuarial Review – Other Considerations

  • Program expenses

    • Many expense items are contractually defined

    • State premium taxes, if admitted

    • TPA fees

      • compensation formula

      • evaluation based on type of claim and claim counts

    • Upfront commission

    • Expected Profit commission

    • Loss control fees

    • Brokers fees

MGA's Managing for Success


Actuarial review other considerations1
Actuarial Review – Other Considerations

  • U/W Profit (Reflect parameter risk?)

  • Investment income

  • Benefit and cost of reinsurance protections

  • Review of underlying rates and factors

MGA's Managing for Success


Accounting review
Accounting Review

  • Review of Agency financials

  • Discussion of minimum net worth requirements

  • Discussion of performance guarantees with PA

  • Review of agency financial controls

  • Background check on principals

  • Review of agency physical plant

  • Discussion of premium trust and segregation of assets with PA

MGA's Managing for Success


Accounting review cont d
Accounting Review Cont’d

  • E&O insurance

  • Fidelity insurance

  • Financial audit schedule

  • Cancellation procedures

  • Use of collection agencies

  • If acting as TPA:

    • approval and timeliness of payments

    • recovery of subrogation, salvage and deductibles

    • control and use of loss funds

  • Advise on state premium tax and assessments

MGA's Managing for Success


Summary to program division head
Summary to Program Division Head

  • Commentary on PA personnel and history

  • Discussion of Business aspects of submission

    • The motives of each party

    • The benefits to each party

    • Possible areas of conflict

  • A general description of the program including:

    • Underlying exposures

    • Coverage forms

    • Limits

    • Deductibles

    • Geography

    • Other unique and critical aspects

MGA's Managing for Success


Summary to program division head cont d
Summary to Program Division Head Cont’d

  • Comments on any deficiencies in the submission

  • Preliminary Program specific U/W guidelines

  • The Actuarial report with rate level indication and other observations

  • Required reinsurance with company retentions, proposed reinsurance structure and reinsurance cost

MGA's Managing for Success


Summary to program division head cont d1
Summary to Program Division Head Cont’d

  • Pricing targets, estimated premium volume and proposed premium caps

  • Expected TPA and costs

  • Type of PA IT system, know deficiencies and possible certification problems

  • Proposed start up date.

  • Decision is made on second phase of due diligence

MGA's Managing for Success


Phase 2 program implementation

Phase 2 – Program Implementation

MGA's Managing for Success


Development of program underwriting criteria
Development of Program Underwriting Criteria

  • Negotiation of deal structure

  • Underwriting guidelines

  • Referral criteria

  • Individual risk eligibility criteria

  • Underwriting audit schedule

  • SIR criteria

  • PA authority by lines of business

  • Program geography

MGA's Managing for Success


Development of program underwriting criteria1
Development of Program Underwriting Criteria

  • Prohibitions in general and by line of business

  • Required reports from PA

  • Required underwriting information for each retail risk

  • Rules for Retail underwriting practices

    • Quote good for 30 days

    • Application of loss control

    • Fully completed applications

    • Premium audit

  • Retail Underwriting file requirements

MGA's Managing for Success


Policy forms review
Policy Forms review

  • Manuscripted policy forms unique to the program

  • Reviewed by Underwriting, Claims and Legal

  • Must be filed, if admitted

MGA's Managing for Success


Development of filings
Development of Filings

  • Applies to Admitted programs only

  • Creation of countrywide manuals

  • Actuarial review of underlying rates and factors

  • Filing strategy

    • Priority states

    • DOI regulation by state

  • Compliance review of filings

MGA's Managing for Success


Development of filings cont d
Development of Filings Cont’d

  • Filing regulation

    • File and use

    • Use and file

    • Prior approval

  • Typically most forms and rates are previously filed bureau products. Only the program specific rates and forms are filed

  • The filing process is costly and time consuming.

  • The filing process is one of the “hooks” that ties the PA to the company.

MGA's Managing for Success


Systems review
Systems Review

  • Software

    • Analyze PA systems and their capabilities

      • Policy information

      • Financial reporting

      • Rating engine

      • Claims system, if TPA

      • Outside reporting, NCCI , DMV

MGA's Managing for Success


Systems review cont d
Systems Review Cont’d

  • Software Cont’d

    • Create interface with company, if necessary

    • Suggest third party vendor, if necessary

    • Testing -Various policy issuance scenarios are run with the PA system and the results in the company system are reviewed for accuracy and completeness.

MGA's Managing for Success


Systems review cont d1
Systems Review Cont’d

  • Hardware

    • Ability to interface with company

    • Ability to handle expected tasks

    • Print capability

    • Internet access, e.g. T1 line

  • Disaster recovery plan

  • Protocol for ensuring data quality

MGA's Managing for Success


Claims review initial review
Claims ReviewInitial Review

  • Candidates for Claims Handling:

    • TPA from company approved list

    • “Outside” TPA that meets program’s unique needs

    • PA

    • TPA / PA mixture

  • Review of claims logistics

    • Types of claims and effort needed to handle.

    • geographic spread of claims handling

MGA's Managing for Success


Claims review initial review cont d
Claims ReviewInitial Review Cont’d

  • Description of Program coverage and its impact on claims handling

    • Discussion of policy forms or endorsements that is unique to the program.

    • Discussion of special perils, e.g. mold

  • Size of claims inventory and claims flow

MGA's Managing for Success


Claims review selection of tpa
Claims ReviewSelection of TPA

  • Review of PA candidacy

    • Review of PA physical plant

    • History of PA relationships with prior carriers

    • Organizational structure and resumes of claims personnel

  • Level of PA claims service

    • Timeliness of contact with claimant, investigation and settlement

    • Claimant satisfaction

MGA's Managing for Success


Claims review selection of tpa cont d
Claims ReviewSelection of TPA Cont’d

  • Supervision

    • Relationship between PA management and claims personnel

    • Relationship between PA and insurer

      • Reporting level

      • Written reports on claims

  • Overall Documentation

    • Hard copy files

    • Claims system

MGA's Managing for Success


Claims review selection of tpa cont d1
Claims ReviewSelection of TPA Cont’d

  • Quality of Investigation

    • Investigation procedure by type of claim

    • Use of outside vendors, by geography or type of claim

    • Investigation documentation

      • Photographs

      • Recorded statements

      • Action plans for further investigation

    • Timely contacts

MGA's Managing for Success


Claims review implementation
Claims ReviewImplementation

  • Claims Authority:

    • Line of business

    • $ amount

    • Special situations

  • Set up claims audit schedule

  • Litigation Management Guidelines

MGA's Managing for Success


Claims review implementation cont d
Claims ReviewImplementation Cont’d

  • Licensing requirements by state (licensing for claims handling? Yes, for many states)

    • Some states reciprocate (i.e. these states will recognize the license of certain other states), but some do not.

    • Expensive and time consuming.

    • Some states require a presence in their state to be licensed.

    • A vendor with in-state presence can be used

    • State unfair claims practice laws.

    • Continuing education to retain license

    • Compliance audits licenses

MGA's Managing for Success


Claims review implementation cont d1
Claims ReviewImplementation Cont’d

  • ALAE/Medical Case Management/Independent Adjusters

    • Independent adjusters

      • Management of

      • Level of use

    • Impact of unique program coverage features on ALAE, e.g. construction defect or pollution claims. Claims that are expensive to handle, if not expensive to settle.

MGA's Managing for Success


Claims review implementation cont d2
Claims ReviewImplementation Cont’d

  • Compensation for TPA

    • Typically a flat fee per claim feature. Varies by LOB

    • Can be time and expense under certain circumstances

      • size of claim

      • specified type of claim

    • Can be % of premium

    • Cradle to grave service. Breakdown in relationship could mean moving claims and extra expense.

  • Discussion of the overall cost to PA of claims operation

  • Expense of claims system and collection of claims data

MGA's Managing for Success


Claims review implementation cont d3
Claims ReviewImplementation Cont’d

  • Reserves

    • Level of authority

    • Documented reserving philosophy or best practices.

  • Negotiations/Settlements/File Closure

    • Rate of file closure

    • Documentation for extended claims

  • Salvage/Subrogation/Deductible Recovery

    • Meeting statutory reporting requirements for S&S

    • Pursuit of deductibles

  • Claim system

  • Loss Run Review

    • LOB distribution by loss and claim

MGA's Managing for Success


Review of program reinsurance
Review of Program Reinsurance

  • Design of protections

    • Existing treaties

    • Program specific placements

    • Use of facultative reinsurance

  • Approval of reinsurance contract wording

  • Reinsurance negotiation

    • New placement

    • Fitting new program into existing treaty

  • Oversight of relationship with reinsurer

MGA's Managing for Success


Licensing
Licensing

  • Admitted = agent, licenses requires for all states in which the agent operations

  • Non-admitted = broker, no licenses required

  • Company appoints PA in all states of operation

  • No relationship with retail agents

  • Compliance area audits licenses

MGA's Managing for Success


Contracts
Contracts

Underwriter: “We need to adjust your contract.”

Agent: “The contract cannot be changed. It is like a marriage vow.”

Underwriter: “The contract is not for the marriage. It’s for the divorce.”

MGA's Managing for Success


Contracts cont d
Contracts Cont’d

  • PA is sent contract, reviews and replies with comments

  • Contract forms the basis for subsequent audits and program termination

MGA's Managing for Success


Contracts cont d1
Contracts Cont’d

  • PA Contract Features

  • Premium trust account

    • PA nets out commission and places remainder in account

    • An account for company separate from other insurers

    • Transmission

      • By company via signatory

      • By PA

    • company retains right to timely statements

    • A time limit is placed on remittance of premium by PA to account

    • Agent is liable for collecting all “uncollectible premium”

MGA's Managing for Success


Contracts cont d2
Contracts Cont’d

  • Insurance coverages required

    • Fidelity for theft of funds held in trust

    • Error and omission for negligence by PA in performance of his duties

    • Auto Liability to protect principals’ financial solvency

MGA's Managing for Success


Contracts cont d3
Contracts Cont’d

  • Security

    • Used for:

      • Non-servicing of policies

      • Non-payment of premium

    • Accomplished thru:

      • Letter of credit, evergreen in negotiated amount

      • Personal guarantee

        • 1st party

        • 3rd party

MGA's Managing for Success


Contracts cont d4
Contracts Cont’d

  • Profit Sharing Commission

    • Based on agent experience

    • Actuarial input into design

    • Size of commission and commission threshold in formula should motivate PA

    • Payment of commission and company goals

MGA's Managing for Success


Contracts cont d5
Contracts Cont’d

  • MGA is defined in statute.

  • An MGA is an agent that;

    • Purchases reinsurance

    • May settle its claims

    • Has binding authority

  • MGA typically represents more than one company

  • An MGA’s responsibility includes:

    • Periodic reporting of audited financials to state

    • Posts performance bond with state

    • Has profit commission terms regulated by state

  • An MGA may choose this status due to lucrative fees and the power claims handling confers upon the agent

MGA's Managing for Success


Contracts cont d6
Contracts Cont’d

  • PA contract is not renegotiated annually. Only certain appendices are:

  • Items attached to standard contract as amended:

    • Underwriting guidelines

    • Profit commission

MGA's Managing for Success


Contracts cont d7
Contracts Cont’d

  • Claims contract features

    • Handled by the claims area

    • Since there are few TPAs, the contract issue is simplified.

    • Claims funding, Claims trust account

    • Annual contracts with same anniversary date as PA contract.

    • “Cradle to grave” fee

    • Fee determined from schedule that depends on type of claim.

    • Fee subject to negotiation

    • Fee schedule varies by programs

    • Fee schedule used to estimate TPA fee for pricing

MGA's Managing for Success


Summary of due diligence
Summary of Due Diligence

  • Initial program conditions are crucial to program success

  • Parameter risk is potentially large

  • Start up expense is meaningful (esp. filing and IT

  • Need to create common incentives

  • Monitor everywhere else

  • Contract defines all phases of relationship

MGA's Managing for Success


Risk sharing
Risk-Sharing

  • Types:

    • Captives / Rent-a-Captive

    • Profit Sharing Commission

    • Sliding-Scale Commissions

  • How much is appropriate?

    • Review PA’s financials

    • What would 1 or 2 years of bad results do to the PA?

MGA's Managing for Success


Risk sharing1
Risk-Sharing

  • Pros:

    • Alignment of Interests (“Skin in the Game”)

  • Cons:

    • Collateral Requirement

    • Shrinks the universe of potential business partners

MGA's Managing for Success


Risk sharing captive
Risk-Sharing - Captive

Third Party

Administrator (TPA)

Insurance

Company

Reinsurer

PA/MGA/MGU

CAPTIVE

Retail/Wholesale

Agent

Policyholder

MGA's Managing for Success


Risk sharing captive1
Risk-Sharing – Captive

  • Characteristics:

    • Can (somewhat) “mimic” the insurance company’s results

    • Insurance Company cedes a share of the business to the Captive

    • Insurance Company (or an affiliate) provides stop loss protection to limit the PA’s risk

    • Collateral

      • Statutory Requirement – Up to the Expected Losses

      • Additional Credit Risk – From Expected Losses to Stop Loss Attachment

    • Captive Manager (another expense)

MGA's Managing for Success


Risk sharing sliding scale
Risk-Sharing – Sliding-Scale

  • Characteristics:

    • Profit Commission that also slides downward

    • “Provisional” (up -front) Commission usually set in the middle of the slide

    • Adjustments:

      • Annually

      • Include IBNR (Contractually defined)

    • Can be multi-year blocks with profit/loss carryforwards.

    • Difference between the Provisional Commission and the Minimum Commission is credit risk to the company.

MGA's Managing for Success


Risk sharing sliding scale1
Risk-Sharing – Sliding-Scale

  • Example:

    Provisional Commission = 20%

    Loss Ratio Commission

    40% 22% (max)

    50% 20%

    60% 18% (min)

  • “Initial” Credit Risk = 2% of Premium (20% - 18%)

MGA's Managing for Success


Risk sharing2
Risk-Sharing

  • Collateral Example:

    • $10M Program

    • 2% downward slide

    • Required Collateral = $200,000 (2% of $10M)

  • Issues:

    • When is it “safe” to release collateral?

    • Collateral Accumulates - How much collateral is needed after year 2, year 3, etc.?

MGA's Managing for Success


Managing a program

Managing a Program

MGA's Managing for Success


Managing a program1
Managing a Program

  • During the Due Diligence Process, an “underwriting box” for the program is created:

    • Lines of Business

    • Classes

    • States

    • Limits

    • Coverages

    • Etc.

  • So now what?…

MGA's Managing for Success


Monitor monitor monitor
MONITOR, MONITOR, MONITOR

“Trust, but verify”

- Ronald Reagan

MGA's Managing for Success


Monitor monitor monitor1
MONITOR, MONITOR, MONITOR

  • Is the PA adhering to the underwriting guidelines?

  • Is the PA selecting the right risks?

    • U/W Guideline should include a section describing the characteristics of a target risk.

  • Is the program achieving the desired results?

    • Target Loss and Combined Ratios

    • Mix of Business (e.g. State, Class and Limits Distributions)

MGA's Managing for Success


Monitor monitor monitor2
MONITOR, MONITOR, MONITOR

  • Monitoring Methods:

    • Individual Account Referrals

    • Reports

      • Underwriting Results

      • Rate and Price Monitoring

      • State and Limits Distributions

    • Audits

MGA's Managing for Success


Monitor monitor monitor3
MONITOR, MONITOR, MONITOR

  • Individual Account Referrals

    • Accounts where the PA does not have binding authority

    • Criteria defined in the underwriting guidelines

    • Typical Criteria:

      • Premium/Exposure Threshold

      • Higher Limits

      • Hazardous Class

      • Location (e.g. CAT zone)

      • Poor Loss History

MGA's Managing for Success


Monitor monitor monitor4
MONITOR, MONITOR, MONITOR

  • Reports

    • Underwriting Results

    • Rate and Price Monitoring

    • Renewal Ratios, New vs. Renewal Split

    • Profiles

      • State/Territory

      • Limits

      • Classes

    • Submit/Quote/Bind Ratios

MGA's Managing for Success


Monitor monitor monitor5
MONITOR, MONITOR, MONITOR

  • Audits

    • Underwriting

      • In-depth file review of a “representative sample”

    • Claims

    • Financial/Systems

MGA's Managing for Success


Exit strategy
EXIT STRATEGY

“You can put wings on a pig, but you don’t make it an eagle.”

- William Jefferson Clinton

MGA's Managing for Success


Exit strategy1
EXIT STRATEGY

  • “Fish or Cut Bait?”

  • Considerations:

    • Poor Results

    • Underwriting Guideline Violations

    • Key Person Defections

    • Softening Market

    • Run-off expenses with no premium income

MGA's Managing for Success


Using pa s pros and cons
USING PA’s: PROS AND CONS

  • PROS:

    • Allows a company to enter a new market segment without significant fixed overhead expense.

    • Ease of Entry and Withdrawal

    • Special Line/Class Expertise

    • Geographic Targeting

    • Portfolio Diversification

MGA's Managing for Success


Using pas pros and cons
USING PAs: PROS AND CONS

  • CONS:

    • Incentive Divergence

    • Systems Mismatch

    • Expensive way to do business

    • Flight Risk

MGA's Managing for Success


Summary
SUMMARY

KEY TAKE-AWAYS

  • Know your Business Partner – Start with a thorough due diligence

  • Align your interests – Provide the PA with a financial incentive to produce good results

  • “Trust, but Verify” – Monitor, Monitor, Monitor

  • “Fish or cut bait?” – Have an exit strategy

MGA's Managing for Success


Questions

Questions??

This material is not intended to be legal, underwriting, financial, or any other type of professional advice. The reader should consult her/his advisors and attorneys regarding any business or legal issues arising from any particular circumstances with respect to this subject matter.

MGA's Managing for Success


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