Managing General Agents

In Canada, Managing General Agents (MGAs) play a crucial role in the insurance industry by acting as intermediaries between insurers and brokers.

MGAs are specialized entities with delegated underwriting authority from insurers, allowing them to perform various functions typically handled by insurers, such as underwriting, policy issuance, and claims processing.

MGAs are particularly valuable for their expertise in niche markets and specialized insurance products. They often have the flexibility to design customized insurance solutions tailored to specific client needs, which can be particularly beneficial in industries requiring unique coverage.

Operating under contractual agreements with insurers, MGAs assume significant responsibilities and risks. These agreements outline the scope of their authority, the types of policies they can underwrite, and the terms and conditions they must adhere to. In return, MGAs earn commissions based on the business they generate.

Regulation of MGAs in Canada is stringent, ensuring they adhere to industry standards and maintain financial stability. They must be licensed and comply with provincial regulations, which may include regular reporting, financial audits, and adherence to fair practice standards.

Overall, MGAs enhance the efficiency and reach of insurance distribution in Canada. They offer specialized services and products while maintaining a high standard of professionalism and regulatory compliance.

Here are MGAs that we deal with

Agile
Apollo
Cansure
CHES Special Risk
CHUTTER Underwriting Services
Forward
Foxquilt
i3 Underwriting Services
InsureBC Underwriting
Premier
South Western
Special Risk
Sports & Fitness Insurance Canada
SUM Insurance
Vailo Insurance Services
Western Underwriting