This article is shared with the kind permission by the publication Carrier Management
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Louisiana’s newly enacted House Bill 672 has introduced a wave of regulatory changes that specifically target managing general agents (MGAs) operating within the state. These changes, which took effect in August 2024, aim to bring enhanced scrutiny and accountability to the intermediaries playing a growing role in the insurance ecosystem.
The bill’s core provisions impose more stringent oversight on MGAs — entities that historically operated with less regulatory interference compared to insurers. While Louisiana is not the first state to impose tighter regulations on these intermediaries, House Bill 672 stands out due to its rigorous reporting obligations, financial thresholds and restrictions on the movement of key personnel in cases of insurer insolvencies.
For MGAs and insurers both inside and outside of Louisiana, these new regulations signal a broader shift in the regulatory landscape, and the implications extend beyond state borders.
Key Provisions of House Bill 672
One of the hallmark provisions of House Bill 672 is its increased scrutiny on MGA financial reporting. Significantly, MGAs are now obligated to notify the Louisiana Department of Insurance (LDI) within 30 days if any balances due to an insurer exceed $1 million or 10 percent of the insurer’s policyholder surplus for more than 90 days. Similarly, and of unique significance, MGAs must notify the regulator if balances due from property and casualty agents or MGAs exceed $500,000 for more than 60 days. There are also notification requirements if claim settlement authority is withdrawn from an MGA.
In addition, MGAs must now submit quarterly reports to their carrier partners. These reports are not merely administrative but must detail comprehensive financial metrics, including written, earned and unearned premiums, losses paid and outstanding, incurred but not reported (IBNR) losses, and management fees. MGAs must submit these reports to the LDI upon request, ensuring that both insurers and regulators maintain a close watch on the financial health of these entities.
Notably, House Bill 672 does not merely focus on financial solvency. The bill also seeks to prevent executives of failed insurers from quickly re-entering the market via MGAs. It prohibits any individual who held an executive position at an insurer that went bankrupt within the previous two years from serving in an executive capacity at an MGA. These restrictions are intended to create a buffer period between failures and fresh opportunities, limiting the risk of individuals tied to previous insolvencies from influencing new entities. However, this restriction can be overridden by the insurance commissioner if it is determined that the executive did not contribute to the insurer’s insolvency.
Comparing Louisiana’s Regulations to Other States
While other states in the U.S. have implemented regulatory frameworks targeting MGAs, Louisiana’s approach stands out for its detailed financial and reporting requirements. For example, many states impose some level of reporting on MGAs, but Louisiana’s requirement for detailed quarterly reports covering premiums, losses and fees goes beyond the typical annual filings seen in other jurisdictions. The inclusion of IBNR losses is also noteworthy, as it signals the state’s concern about liabilities that may not immediately surface in traditional reporting.
Additionally, the threshold for reporting at the commissioner’s request—5 percent of an insurer’s policyholder surplus or exceeding certain financial limits—is relatively unique. Most states do not explicitly tie MGA reporting obligations to these financial markers, meaning Louisiana’s approach is one of the more proactive in terms of scrutinizing MGAs with substantial market influence or financial risk exposure.
Another important distinction is the personnel restrictions regarding executives from bankrupt insurers. While other states may have similar prohibitions, Louisiana’s focus on a two-year ban, with an option for regulatory override, reflects an intent to balance market discipline with fairness. In contrast, states like New York or California typically enforce broader restrictions without the same level of flexibility in providing exemptions.
What Louisiana’s ‘Data Call’ Means for MGAs and Insurers
One of the most impactful elements of House Bill 672 is the requirement for MGAs to submit what amounts to a data call—a highly detailed report on their financial activities. This goes beyond traditional reporting of premiums and losses. MGAs are expected to provide insights into loss adjustment expenses, incurred but not reported losses, and management fees, making this a more thorough examination of their role in the insurance chain.
The necessity of reporting these additional details introduces a layer of transparency that will likely be burdensome for smaller MGAs or those not accustomed to such granular data tracking. This data call will also give regulators a much more complete picture of the risks posed by MGAs, especially those that handle significant premiums on behalf of insurers.
For MGAs operating on thin margins or with limited back-office capabilities, the costs of compliance—whether in terms of time or financial resources—may prompt them to rethink their operations in Louisiana. But the data call also serves as an early warning system for insurers and regulators, ensuring that entities with significant exposure are flagged before problems escalate.
MGAs Under the Spotlight: A Growing Trend
Louisiana’s new MGA legislation, enacted through House Bill 672 and effective August 1, 2024, marks a significant intensification in regulatory scrutiny that goes beyond the NAIC MGA Model Act. Prompted by recent insolvencies among insurers associated with MGAs—particularly those managing high-risk property catastrophe insurance in Louisiana—the law introduces expanded requirements to bolster oversight and reduce financial risks.
While the bill introduces specific new reporting requirements and personnel restrictions that MGAs will need to navigate, its broader implications point to increased regulatory scrutiny nationwide. Other states may soon follow suit, particularly as MGAs continue to play a larger role in insurance distribution and underwriting.
In aligning with industry trends, this legislation responds to a growing demand for MGA growth, increasing private equity ownership, and heightened scrutiny from agencies like AM Best. Ultimately, House Bill 672 positions Louisiana’s regulatory framework to better address industry risks and preempt insolvency concerns in a rapidly evolving market.
For insurers and MGAs, these new regulations signal the need for stronger compliance infrastructures and a heightened focus on financial transparency, which can be achieved through proactive audits. The industry must adapt to this evolving landscape where regulators are more vigilant, and the margin for error is smaller than ever. As MGAs increasingly serve as key conduits between insurers and policyholders, the stakes for regulatory compliance will only grow.
Name: Robert Sherman
Job title: US Head of Audit & Advisory
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London: 31 October, 2024: Pro Global (“Pro”), a leading trusted advisor for the specialist insurance sector, is pleased to announce the enhancement and growth of its Digital Services capabilities, under the leadership of Kristy Lovegrove, Group Head of Technology. This strategic move aligns Pro’s Global Digital Services offering with the increasing demand for automation and technology-driven efficiencies from re/insurers globally.
Kristy’s leadership marks a pivotal step in Pro’s journey towards providing a more cohesive and holistic approach to digital transformation. The expansion follows Pro’s acquisition of Propel Automation in 2023, which has now been fully integrated into Pro’s Digital Services. Combining Propel’s expertise in Robotic Process Automation (RPA) with Pro’s established technology solutions, the company is uniquely positioned to deliver comprehensive digital strategies that provide real-time results for re/insurers.
Pro Global’s strengthened and scaled digital solutions are already being implemented in key regions, including Germany, Latin America, and within Insurance Services, MGA and claims functions. These solutions are tailored to meet each client’s specific needs while remaining grounded in Pro’s core mission: to simplify and optimise re/insurance processes through cutting-edge technology.
Chris Everson, Chief Operating Officer at Pro Global, said:
“Digital transformation initiatives, including London market modernisation, is driving demand for digital services at an unprecedented rate. The re/insurance industry is under immense pressure to reduce costs and improve efficiency, and we’re keeping pace by providing cutting-edge automation tools and expert advisory services at scale. Through the integration of Propel Automation, we’ve seen dramatic increases in efficiency for our clients, enabling them to reduce their cost base while maintaining competitive advantage. The enhancement of our Digital Services offering under Kristy’s leadership further cements our position as trusted advisor with holistic solutions for the global re/insurance sector.”
Kristy Lovegrove, Group Head of Technology at Pro Global, said:
“As we move forward into 2025, we are focused on refining our Digital Services strategy to maximise the value of our technology investments and provide our clients with seamless, client-focused solutions. With Propel’s RPA capabilities now integrated into our broader digital offerings, we can deliver even greater efficiency, transparency, and data-driven insights to leading re/insurers around the world. Our goal is to ensure that every aspect of our business – from insurance services to MGAs – benefits from the transformative power of digital enablement.”
Rich Emmett, Head of Insurance Services at Pro Global, said:
“Our global clients have seen a noticeable increase in operational efficiency through automation, particularly in claims handling and underwriting processes. By reducing manual tasks and improving data accuracy, they are able to focus on higher-value activities. We’re proud to be at the forefront of this digital transformation and to continue expanding and enhancing our holistic digital service offer globally.”
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Pro Global has operated in Latin America since 1999 and plans to expand its footprint in the region. In this interview, BNamericas talks with regional director Martin Smith about the expansion plan, M&A, the Argentine market, natural disasters, the mining sector and the energy transition.
BNamericas: What is the current presence of Pro Global in Latin America and the Caribbean, and how important is the region to your international business?
Smith: Pro Global has established a strong presence in Latin America with an office in Buenos Aires, housing over 45 staff, along with a smaller office in São Paulo and a representative office in Lima.
Additionally, we have cooperation agreements across the region. The Latin American market is a key pillar of our international business strategy.
BNamericas: What are the expansion plans for the region in terms of entering new markets or expanding your footprint in existing markets?
Smith: We are actively working to expand our operations in Brazil and are keen to establish full offices in Mexico and Colombia. Our goal is to strengthen our footprint while maintaining our service offerings across the region, where we’ve already successfully delivered projects in most countries. Despite our extensive work in Latin America, the Caribbean remains largely untapped for us. The region’s vastness requires a targeted and gradual approach as we continue exploring opportunities.
BNamericas: What kind of year has 2024 been in terms of M&A in the region’s insurance industry, and what do you expect next year on the dealmaking front?
Smith: The M&A landscape varies significantly across Latin America. In Argentina, for instance, deal activity has been limited due to political and economic challenges. However, we have seen acquisitions, such as HDI in Brazil and the sale of some Sura subsidiaries across the region.
The insurance market, particularly in countries like Argentina, is facing challenges with a disproportionate number of companies relative to market demand. A more consolidated market through M&A could result in a more sustainable competitive environment.
BNamericas: Is there a strong interest in doing business in the region among international insurers and reinsurers?
Smith: Latin America continues to show strong potential, especially in countries with low insurance penetration and opportunities for increased sophistication. Despite political and economic challenges, those with a long-term investment view have demonstrated significant profitability in the region. As insurance markets mature and technology evolves, there is immense potential for growth and efficiency gains. In particular, we are advocating for greater use of automation to streamline operations, improve accuracy, and enhance risk management.
BNamericas: In the specific case of Argentina, do you expect this interest to grow as a result of the pro- market reforms that President Javier Milei is implementing?
Smith: We are hopeful that the pro-market reforms will stimulate growth. Argentina’s inflation rate has reduced substantially, and while there is still a long way to go, the initial progress is promising.
However, the social challenges, particularly the high poverty rate, will need to be addressed alongside economic reforms. In the insurance sector, tightening regulations and promoting M&A could lead to a more efficient and competitive market. We also see a need for technological advancements, especially as inflation slows and financial results require technical efficiency.
BNamericas: How well prepared are Latin American governments and insurers for natural disasters, and how are you working with them in this area?
Smith: Preparation for natural disasters varies across the region, with some countries having more advanced capabilities. A key issue is that insurance penetration remains low in many areas, leading governments to shoulder much of the burden.
At Pro Global, we have been focusing on automating pre- and post-catastrophe processes, such as bordereaux management and claims processing. We’re also providing support for exposure management, ensuring risks are accurately modeled to enhance response times and reduce the operational strain following catastrophic events. Our Buenos Aires office plays a pivotal role in these efforts by offering scalable claims-processing capabilities during major events.
BNamericas: What kind of work do you engage in with the insurance industry in hurricane-prone countries, and what plans do you have to grow in this area?
Smith: We offer comprehensive pre- and post-catastrophe services to insurance clients, including automating bordereaux processes to ensure swift and accurate responses following a hurricane. In addition, we provide claims validation support and work with reinsurers to expedite claim settlements. For instance, following hurricanes Irma and Maria, we collaborated with UK reinsurers to validate claims and assist with reserve setting. We aim to expand our claims handling services in the region, leveraging our experience to provide real-time support for reinsurers.
BNamericas: Could Latin America’s mining sector become more important for insurers and reinsurers given the region’s abundance of minerals, which are key to the energy transition?
Smith: The demand for insurance coverage will likely grow as industries crucial to the energy transition expand. This could provide new areas of coverage for the insurance and reinsurance industries in Latin America, particularly as alternative energy projects and the public construction sector continue to develop.
We see growing demand in sectors like alternative energy, public infrastructure – especially construction – and agriculture. Additionally, cyber insurance and micro insurance are becoming more relevant as technological sophistication increases across the region. There is a growing recognition of the need for tailored insurance products to meet these emerging demands.
BNamericas: What trends do you see regarding the cost of insurance coverage for businesses in Latin America?
Smith: Given the diversity of the region, it’s difficult to generalize. However, like the rest of the world, Latin America’s insurance market experiences cycles of hardening and softening. Factors such as economic stability, technological advancements, and market consolidation all shape the cost of coverage.
Name: Martin Smith
Job title: Director, Latin America
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This article was originally published on Claims Media.
Recent litigation in the USA has shone a spotlight on the risks associated with contact sports, but fewer people may be aware of similar legal actions now emerging in England and Wales.
These lawsuits allege that sports governing bodies have failed to protect professional athletes from neurological conditions, allegedly resultant from repeated concussive and sub-concussive impacts experienced during game play and training.
Currently, multi-claimant actions are ongoing in Rugby Union, Rugby League, and professional football, with over 500 claimants to date – a number that continues to grow. The claimants argue that, at the relevant times, these governing bodies had sufficient knowledge of the risks involved and failed to implement adequate measures to prevent injuries or materially reduce the risk.
The players argue that it’s not about avoiding all head impacts, but that they were exposed to far too many, sometimes in a very short period. They claim this has caused serious conditions like post-concussion syndrome, chronic traumatic encephalopathy (CTE), and early-onset dementia.
The organisations involved deny all the claims and strongly defend their actions.
When it comes to litigation, procedurally, these actions are moving very slowly, with the first Letter of Claim being issued in December 2020, and all actions have now litigated.
The Court has postponed its decision on issuing formal Group Litigation Orders but is currently managing claimants by their respective sports, while allegations and defenses remain broad, with key elements of disclosure still pending. Things are expected to speed up in 2025, however.
There are several tricky legal issues, and many questions remain unanswered. These organisations have told their insurers about the claims, but there’s still doubt over how these policies might be triggered to provide indemnity. Key questions being debated include:
The claimants have not specified when they believe each governing body became aware of the risks or the nature of the knowledge they allegedly possessed. Given the complex nature of the allegations, they will need to show more than a basic understanding of the risk in order to be successful.
The extent of any duty of care owed will impact whether there has been a breach. The Terms of Reference of each body, and their ability to take protective action will be relevant, and has not yet been fully interrogated.
Even if they had a duty to protect players, the court will consider what, if anything, they could have done to reduce the risk. For example, could they have changed the rules of the game; reduce the number of games played; or enforced longer recovery times after concussions?
Many of the conditions being cited could have multiple possible causes, not just head injuries.
Claimants will need to demonstrate a connection between their condition and the concussive events suffered, but it’s unclear what legal test will be applied.
Can claimants prove the index incidents made a direct contribution to their injury or merely the risk of that injury? If the latter, they may need to extend legal principles.
The court will also look at whether the conditions are “indivisible” (meaning they are entirely caused by head injuries) or “divisible” (meaning the severity of symptoms depends on the number of head impacts). This difference could affect the amount of Damages that might be recovered.
Issues for insurers and reinsurers remain significant and the policy trigger will determine if, and to what extent, coverage is affected. PL policies invariably were written on a “happening” or “occurring” trigger, raising the question: when did these neurological conditions manifest in legal terms?
Another key point will be medical evidence. The trigger could be the index concussion incidents or later when the neurological symptoms manifested or became inevitable.
In addition, indivisible conditions could result in a single policy trigger, but divisible conditions are likely to have multiple triggers, similar to what we see in abuse scenarios. Multiple triggers will also spread individual claims spend over several primary policies protecting carriers on excess of loss layers and bringing focus to specific contract wordings and opportunities to aggregate claims together.
The ongoing litigation against sports governing bodies in England and Wales could significantly impact the future of professional sports. These cases challenge how player safety is managed and raise key legal questions around duty of care, foreseeability, and causation. The outcomes may reshape how certain sports are played, and clarify the legal responsibilities of the organisations overseeing them.
For insurers and reinsurers, issues surrounding policy triggers and coverage remain crucial. The resolution of these cases will influence how policies respond to claims related to neurological injuries and will likely shape future risk management for both sports bodies and the insurance industry. With developments expected to accelerate, the results will be pivotal for all involved.
Name: Stephen Bellingham
Job title: Head of Claims Strategy
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Lloyd’s has recently shone the spotlight on the performance of delegated authority business – underlining a crucial area of focus for the insurance market. While Lloyd’s has reported its strongest first-half profit in 17 years, the market is acutely aware that delegated authority arrangements are under scrutiny due to poor performance in some parts of the market. Keen to avoid the deteriorating ratios reported in the market between 2013 and 2019, Lloyd’s has renewed emphasis on the oversight and performance management of delegated authority providers – a call to action that the team at Pro Global feels is essential sustained market health.
At Pro Global, we recognise that while delegated authority business offers considerable potential – by enabling syndicates to diversify portfolios, expand distribution networks, and access niche markets – its management presents unique challenges. There are some areas of concern about risk selection, pricing accuracy, and real-time data quality highlight the importance of proactive oversight. It’s not enough to respond when problems arise; insurers must get ahead of potential issues through regular and thorough audits.
Delegated authority business has long been a key growth engine for the Lloyd’s market. As Rachel Turk, Chief Underwriting Officer at Lloyd’s, emphasised during the recent market briefing, approximately 39% of the market’s gross written premium comes through delegated arrangements, excluding service companies. However, this scale of business requires effective oversight in order to be properly managed.
In the past, inappropriate risk selection, unrealistic pricing, and inadequate terms and conditions have plagued poorly managed delegated authority relationships. These shortcomings not only threaten profitability but also erode trust in the market’s ability to maintain underwriting discipline. The risks of mismanagement are magnified in periods of economic or environmental uncertainty, where even slight missteps can cascade into significant losses.
The lesson from 2013-2019 is clear: failure to rigorously monitor delegated business leads to deteriorating loss ratios. To prevent history from repeating itself, Lloyd’s has placed a renewed emphasis on selecting the right delegated authority providers and ensuring continuous oversight. This is where proactive audits become indispensable, combined with other forward-thinking oversight tools including ongoing due diligence and pre-inception auditing – the latter is particularly critical for establishing a new delegated authority relationship on the right footing with full oversight and compliance factored in from the outset. The key is to avoid a situation where insurers a forced to react to issues that they had not spotted.
At Pro Global, our approach to delegated authority business is built around the principle of proactive audits. We understand that waiting for issues to surface is not an option in today’s fast-paced and data-driven environment. Instead, we advocate for a robust audit framework that focuses on identifying and addressing potential issues early, before they snowball into regulatory headaches or financial losses.
The emphasis Lloyd’s is placing on real-time performance data is particularly noteworthy. Historically, the provision of out-of-date bordereaux data has been a persistent issue. It is unacceptable, for instance, that in 2024, syndicates are still receiving data that is not current. This delay undermines dynamic portfolio management and leads to decisions being made based on incomplete or outdated information.
Pro Global’s audit solutions are designed to tackle this very challenge. We have developed methodologies that enable insurers to assess data quality in real time, ensuring that they have the information necessary to make informed decisions about their portfolios. By focusing on the timeliness and accuracy of data, we help clients stay ahead of the curve, enabling dynamic adjustments to risk selection and pricing as market conditions evolve.
A central theme in Lloyd’s renewed focus on delegated authority is the demand for high-quality, real-time performance data. The insurance market has seen a surge in data availability, but the challenge lies in ensuring that this data is accurate, relevant, and delivered on time.
Out-of-date data has been cited as a key pain point for syndicates trying to manage delegated portfolios. Poor data not only hampers decision-making but also obscures the true performance of delegated authority arrangements. At Pro Global, we understand that data is the lifeblood of effective portfolio management. That’s why our audits place a strong emphasis on data integrity—ensuring that our clients have access to timely and accurate information that allows for real-time course corrections.
The goal is not simply to tick boxes during audits but to deliver actionable insights that can improve business outcomes. By integrating real-time data into the audit process, we help insurers identify underperforming providers quickly and exit them before they cause further damage to the portfolio. This proactive approach aligns with Lloyd’s call for syndicates to maintain clear strategies for selecting, overseeing, and managing their delegated authority providers.
Delegated authority business, when well-managed, can be a powerful tool for innovation and growth. It is true that thoughtful delegation can bring greater efficiencies, enhanced modelling, and alternative access to business. MGAs and coverholders have long been a source of innovation, allowing new ideas to reach the market faster and with lower risk for insurers.
However, this innovation must be balanced with stringent oversight. As the market continues to evolve, the regulatory landscape is becoming more complex, with increased scrutiny on governance, data quality, and performance management. Insurers that fail to adapt to these changes risk falling behind.
Lloyd’s renewed focus on delegated authority oversight is a clear signal to the market that complacency is not an option. While the market is currently enjoying strong performance, history has shown that poor oversight of delegated authority business can quickly erode profitability. At Pro Global, we are committed to helping insurers navigate these risks through proactive audits, real-time data quality assessments, and robust performance management strategies.
Our experience in auditing and advisory services has given us unique insights into the challenges of managing these relationships, and we are committed to helping our clients stay ahead of the curve.
By getting ahead of potential issues and addressing them before they escalate, insurers can safeguard their portfolios and maintain the trust of regulators and stakeholders alike. In a market where performance oversight is increasingly scrutinised, staying proactive is not just a best practice – it’s a necessity.
Name: Robert Sherman
Job title: US Head of Audit & Advisory
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Last month, the managing general agent (MGA) incubator Pro MGA Global Solutions announced that it will welcome Haris Khan as head of solutions and markets. Joining on November 01 from Lloyd’s where he served as delegated underwriting manager, Khan is a coup of a hire for the team – one which reflects its ambition to reshape the conversation about talent in the MGA sector.
In discussions about talent in insurance, it’s all too easy for the spotlight to fall on newly emerging talent – how to attract it, how to retain it and how to make the most from it. But that’s only half the story – and the future also belongs to those already some way into their insurance story.
In a recent conversation with Insurance Business, Emily Lewis (pictured), business development representative at Pro MGA Global Solutions, highlighted the importance of nurturing and attracting top talent – at every stage in their career – to the growth of the MGA sector, generally, and to Pro MGA Global Solutions, specifically.
There’s no one way to create great talent pipelines, she said. As somebody who started in Pro’s Insurance Services team, before moving into its Consulting arm and later into the Pro MGA business, she has seen first-hand, the power of home-grown talent. “But there are other routes. It’s not just about people who are already in the industry but thinking about how we can attract people into the industry too. This was brought home to me recently when we brought in a few people of school age for work experience.
“And it’s such an important conversation and one that I’ve been having a lot while attending next-generation initiatives, talks and forums. One of the running themes is how to make the industry a bit more attractive to young people. When you talk to anyone about how they got into the industry, the common theme is that they tend to either have fallen into it or they knew somebody who worked in the sector.”
There’s so much that is attractive and interesting about the industry, she said, but what’s important to bear in mind is that the same things that should make insurance a career destination of choice are also what should encourage people to develop a meaningful career in the industry. Central to that is the wealth of opportunity that being part of an insurance group brings.
The capacity to switch verticals, to change direction and to find new career pathways is critical as evidenced by Lewis’s own varied albeit short career. “I’ve already seen the spread of opportunity possible, which has been great because you couldn’t imagine you would get exposure to so many different business areas. I think that’s really great, particularly for young people because nobody genuinely knows what they want to do when they start out in the world of work.”
The appointment of Khan is a clear reflection of the myriad of opportunities represented by an insurance career, and the work Pro has done to attract and nurture great talent. “It’s establishing us as a company able to attract top talent, who can come in to support us in our growth and our facilitation of MGAs, as an incubator. One of the key things that we’re doing is expanding our global footprint.
“So, [Haris Khan] will help us expand into new global markets because we need to pursue that market growth to complement our territorial growth. We already have a presence in the US but we’re looking to really expand that and then gain physical presence in LATAM and the Middle East over the next year or so. And Haris brings his real expertise in how to enhance your market offerings across different territories.”
Lewis shared that what has become clear from her involvement in so many different talent and diversity initiatives is that one of the best things about championing diversity is the ability to build a business comprised of different perspectives and experiences. Diversity of experience is something truly valuable, she said, because it’s the key to innovation.
“And that’s our focus, to nurture and attract talent in order to build a business fit for the future,” she said. “We want to be a place which is attractive to people wherever they are in their careers. We don’t want to be a service provider that sits in the background, we want to be attractive to senior leaders but also be nurturing to the leaders of tomorrow.
“From the outside people don’t necessarily understand how attractive insurance can be as a career option but it’s when you’re in that you realise how much opportunity it brings. It’s a conversation that we’re passionate about and I’m pleased to see that the wider market seems to be passionate about it too. I think it’s a bit of Pandora’s box (in a positive way), you don’t know what’s in there but when it’s open, you understand, and you can see what it offers.”
Name: Emily Lewis
Job title: Business Development Representative, Pro MGA Global Solutions
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During an interview with The Insurer TV at the 2024 Rendez-Vous de Monte Carlo, Danny Maleary, CEO of Pro MGA Global Solutions, discussed the rapid expansion of the European MGA market, noting how the MGA super-cycle, initially centred in the US, is now gaining momentum in Europe.
“We’ve launched around 30 MGAs across Europe, supported by strong distribution partners and substantial risk capital keen to fuel growth in the region,” Maleary said.
While the European MGA market has been expanding for some time, Maleary expects the pace to increase, despite the challenges of navigating diverse markets across different territories.
Maleary also highlighted the growing opportunity for MGAs to enter the casualty sector, which has struggled in recent years. “I believe the partnership between reinsurers, insurers, and MGAs will drive more targeted growth in this space,” he explained.
Additionally, Maleary views MGAs as a key force in attracting fresh talent to the insurance sector, thanks to the entrepreneurial spirit and opportunities they provide.
Click the thumbnail above to watch the full interview, shared with thanks to the Insurer TV team.
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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Nurturing young talent and showcasing a pathway for progression is vital for piquing the interest of employees in their formative years. But attracting those whose careers are yet to begin is a different ball game.
For 16-year-old Izzy Joy, her career options range as wide as the alphabet, though a career in insurance may just be the ticket.
“Insurance really wasn’t what I thought it was going to be when I first came and I didn’t know what to expect.” After spending a week with Pro MGA Global Solutions, Izzy’s eyes have opened wide to the board spectrum of roles that sit within our industry. “It’s made me realise that I really do enjoy insurance and it’s much more broad and varied than I thought it would be.”
The week saw Izzy move across departments, working and shadowing various different roles within the company, and even included a visit to the Lloyd’s building and a trip to the MGAA 2024 Annual Conference.
“Attending the MGAA conference really helped to develop my knowledge of all that insurance entails. Getting the chance to attend client meetings that focused on business development, understanding more about the media and advertisement branch of Pro MGA, talking to and understanding the job roles for different members of the team, as well as participating in a vlog, made for a really enjoyable experience.”
But insurance is just policies, claims and renewals, isn’t it?
“This week has really helped me to realise that having a work and social balance is possible and this has been created here at Pro MGA. I also enjoyed the experience of being able to build relationships, and network within the insurance industry, surrounded by the best group of people. Everyone in the team was happy to answer any of my questions and were extremely welcoming. I’m so glad I got the opportunity to do my work experience here.”
There was even time for a game of crazy golf for Izzy and the team.
At Pro MGA Global Solutions, we’re keen to show the future workforce that insurance is a creative space, where individualism and ideas are welcome. The industry is moving at a rapid pace thanks to technology, and innovative minds will only help to continue that momentum.
“I got a great insight into the realm of insurance and was able to start to discover how insurance really works. Thank you to the team at Pro MGA!”.
Thank you to Izzy too, for her enthusiasm, hard work and dedication. We hope to see Izzy, and many others like her, enter our world of opportunity.
Hear more from Izzy on her week at Pro MGA Global Solutions in the vlog linked above on Pro Global TV.
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This article is shared with the kind permission of Intelligent Insurer.
That is according to Danny Maleary, chief executive officer of Pro MGA Global Solutions, who said he believes the agility and efficiency of the structure means it has a permanent place in the industry.
Pro MGA Global Solutions is a service provider to the sector, offering “MGA-in-a-box” packages which enable an MGA’s owners to focus on underwriting and capital-raising.
“The MGA will be the future of insurance if it is structured correctly, embraces the right operating model, uses technology, and offers good service,” he told Monte Carlo Today.
“That nimble approach is ultimately what the customer is looking for, whether that customer is an individual or the corporate. That is where the MGA excites me.”
“The Popularity Of The Structure Lies In Its Agility.”
There is no shortage of new entrants into the market, said Maleary, who began the business in 2016.
“We see 10 to 15 proposals a month which is an increase over the last couple of years from the five to 10 we would normally see,” he said. Of those, Pro MGA typically brings on about 15 new clients a year.
It currently works with 46 MGAs writing $600 million of gross written premium over 30 classes of business.
Maleary said the popularity of the structure lies in its agility and its ability to adopt and use cutting-edge technology.
“We are seeing a significant shift with insurers, reinsurers and alternative risk capital looking to support MGAs,” he said. “MGAs are very much at the forefront of the chief underwriting officer’s mind in terms of how they grow.
“Whether it is MGAs they own, or MGAs they support as third parties, there is a suite of platforms where they can offer their capital out, and that trend is going to continue to move upwards.”
Maleary added that MGAs were attractive to entrepreneurially-minded underwriters who wanted more autonomy than they might get in a large company, and that investors of all stripes were interested in supporting MGAs.
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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London, UK, 12th September 2024 – Pro MGA Global Solutions, the independent managing general agent (MGA) incubation division of leading trusted advisor for the specialist insurance sector Pro Global, is delighted to announce the appointment of Haris Khan as the new Head of Solutions and Markets, effective 1 November 2024. Haris brings a wealth of experience in the delegated authority sector, having previously served as the Delegated Underwriting Manager at Lloyd’s.
With this strategic appointment, Pro MGA Global Solutions is poised to enhance its market offerings and accelerate growth into 2025, aligning with its mission to nurture and attract top talent in the MGA incubation sector.
Haris’s extensive expertise will play a pivotal role in delivering exceptional value to clients, supporting the company’s growth ambitions, and expanding its footprint in key global markets.
Danny Maleary, CEO of Pro MGA Global Solutions, commented:
“We are thrilled to welcome Haris to our leadership team. His proven track record and deep understanding of delegated authority make him an invaluable addition to our company. Pro MGA Global Solutions anticipates robust growth throughout 2025, and we plan to further expand our team to ensure the brightest minds are driving our solutions. As we continue to build on our successful trajectory, offering an equal blend of business and technical expertise to our clients, whether they are entrepreneurs, brokers, underwriters, or insurtech firms, Haris’s leadership will be crucial in driving our expansion and ensuring that we remain at the forefront of innovation in the delegated authority sector. With Haris on board, I am confident that we will continue to deliver outstanding results for our clients and partners.”
Haris Khan, Head of Solutions and Markets, added:
“I am excited to join Pro MGA Global Solutions at such a dynamic time in the company’s growth journey. Danny and the team have laid a strong foundation for success, and I am eager to contribute to their sustainable growth by enhancing our market solutions and driving innovation. My focus will be on delivering tailored, strategic support to our clients, empowering them to achieve their ambitions and thrive in a competitive market. Together with the talented team at Pro MGA, I am confident that we will lead the way in shaping the future of the MGA sector.”
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To contact our PR team directly please use the link below
