London, 16 October 2023: Pro MGA Global Solutions (Pro MGA), the independent managing general agent (MGA) incubation division of global re/insurance trusted guidance provider, Pro Global Holdings Limited (Pro), is pleased to announce today the appointment of David Goodley as its new Head of Compliance.
David brings a wealth of experience to the role, having established his own compliance company, City Compliance, in 2012 which provides regulatory compliance services across the insurance industry, including in particular brokers and MGAs. He is a career compliance professional and prior to setting up City Compliance, David had held senior compliance positions with Lloyds TSB, Marsh, Barbon Insurance Group and Tesco Bank.
David succeeds Gordon Burrows, the previous Head of Compliance, who is leaving Pro MGA at the end of October.
Danny Maleary, CEO of Pro MGA Global Solutions, said:
“I am delighted to welcome someone of David’s calibre, experience and proven track record of delivery to the Pro MGA team as the new Head of Compliance. With over 40 MGAs under our management, and a strong pipeline of enquiries, our clients require best-in-class compliance expertise supporting their ambitious multi-territory, multi-class propositions.
Offering this platform for regulatory compliance and expertise is a key USP for Pro MGA Global Solutions as an MGA incubator because it addresses a critical need in the insurance industry, and helps position MGAs we support for successful growth in a highly regulated market. I know that David will continue to drive further enhancements for the benefit of not only our own business but also the diverse range of customers we serve.
Lastly, I would like to thank Gordon for his significant contribution to Pro MGA and to wish him well for the future.”
David Goodley, Head of Compliance, commented:
“The MGA sector is booming as regards the extent of its participants’ ambitions to be multi-territory entities which plays to the strengths of a trusted partner like Pro MGA Solutions. The exciting opportunities for the Pro team for incubating MGAs is significant and I am very much looking forward to bringing my extensive sector expertise to the table as we continue to deliver on our commitment to offer high quality advisory services to our broad range of customers as they embark on their growth journeys.”
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This interview was originally published in Insurance Day, and is shared here with permission and thanks. Read the original here
The managing general agent (MGA) sector is booming to the extent its participants’ ambition to be multi-territory entities is increasing, according to the chief executive of Pro MGA Global Solutions, Danny Maleary.
In an interview during the annual meeting of reinsurers in Monte Carlo, Maleary said his independent MGA incubator and programme platform therefore has plans to expand far beyond its bases in the UK, the US and Germany.
“Within the next 12 months, we expect also to be in Canada, Spain, Sweden or Norway, Mexico, Singapore and Israel. That means we will have platforms that are live and supporting clients in the UK, Europe, North America, Latin America, the Middle East and Asia,” he said.
Maleary formed Vibe MGA Management in 2016, which was acquired by Pro Global three years later and rebranded as Pro MGA Global Solutions. It now has $1bn of gross written premium under management in 29 classes of business, manages 30 clients at 43 MGAs and is on track for 60% growth this year compared with 2022, he said.
“We’re seeing seven to 10 new opportunities a month and we have 41 opportunities currently in the pipeline, which is really robust, and our declinature rate has dropped from 80% to 60% because the quality of MGA business plans is becoming much better.”
To him, quality means “a framework of operational resilience”. The components of this are a three-year business plan and five-year vision that can be “tweaked accordingly”. The vision must be both innovative and acquisition cost-cutting as well as have a distribution strategy that is aligned with customers’ needs and is profitable for stakeholders. Experience is key, he added, but none more so than technological entrepreneurship.
The “European opportunity” for MGAs has been particularly stark, with Pro MGA Global Solutions setting up more than 25 in that region in the past 12 months. There have been two themes, Maleary said. The first is offering monoline optionality.
“For example, you could have a warranty and indemnity proposition and offer tax or contingency as embedded or as standalone products. In other words, break up the package into monolines,” he said.
“We’re seeing seven to 10 new opportunities a month and we have 41 opportunities currently in the pipeline, which is really robust, and our declinature rate has dropped from 80% to 60% because the quality of MGA business plans is becoming much better”
The second theme is attracting international risk capital. “The hard market means local insurers are writing less business but for more premium and local distribution is sourcing and needs fresh capital to come into Europe to be able to supplement what’s been lost,” he said.
The “back to basics” mantra among reinsurers this year – writing less because they are earning more – is an opportunity for other risk capital providers to enter a territory, Maleary said. “However, it’s also a dangerous strategy to be embracing because reinsurers could attract competition to fill the gaps [they leave open].”
For MGAs, “back to basics” means staying true to their value proposition rather than creating “periphery” products that risks underserving their clients. An “exciting” way some MGAs are offering to add value next year, he added, is in embedded insurance, which “takes the pain away” for the customer.
Above all, the excitement for Pro MGA Global Solutions from incubating MGAs is the vast scope of this sector, Maleary said.
“There are traditional opportunities geared to what cause us concern in our day-to-day lives, like our cars and pets, and there are opportunities to support what the world will be doing decades from now, like carrying cargo to Mars.”
From Pro MGA Global Solutions, an MGA gets a “true partner” that helps them move “seamlessly” into regulatory territories, Maleary said. “Incubating” an MGA means supporting it on a three-year journey towards becoming a standalone entity.
Maleary said: “I sit as a non-executive director on most of our clients’ boards. I have a regular one-to-one meeting with the CEO. We have monthly operational meetings, quarterly oversight meetings and a yearly audit. It sounds intrusive, but it isn’t because it helps them prepare to become fully authorised in their own right.”
In the UK, that journey is through the Financial Conduct Authority’s (FCA) appointed representative (AR) regime. As an AR – also known as an intermediary, principal firm or regulatory host – Pro MGA Global Solutions extends the FCA “regulatory permissions” to its clients to enable them to trade.
“We’ve digitalised our regulatory oversight so we can see in real time what our MGAs are doing to ensure they’re conforming to the FCA’s processes, policies and controls,” Maleary said.
“By the time we reach the point of making an application for one of our clients to become fully authorised, the FCA will know they’ve been operating for a number of years under our umbrella, within a framework that is conducive to becoming fully authorised as a business,” he added.
Australia’s and Gibraltar’s regulators follow a similar approach to the FCA but the AR regime “doesn’t exist” in other territories where, instead, “you’re either fully authorised or you’re not”, Maleary said.
He continued: “In the US, you either leverage our platform to trade and we trade as your brand or we work with you in establishing your own ‘agency’, as it would be known in the US, and we get you licensed accordingly. You would pop out of our MGA and into your own and then we would wrap a support framework around you, both from a regulatory perspective and an expertise perspective, to enable you to trade. We would hold your hand on your growth journey until you are able to do it on your own.”
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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This interview was originally published in Insurance Business magazine, and is shared here with permission and thanks. Read the original here
Amid supermarket shortages and rising inflation, 2023 was informally dubbed the year of ‘grow your own’, with fruit and vegetable grow kit vendors reporting increased consumer interest and spiking sales. Pro MGA Solutions has adopted the moniker too, according to CEO Danny Maleary (pictured), as he offered insights into the challenges facing the managing general agents (MGA) market as it looks to plug the talent gap impacting the wider insurance ecosystem.
As CEO of the MGA incubator platform, he has a direct line into the concerns voiced by the sector but also of the solutions essential to creating a healthy talent pipeline. For Pro MGA Solutions – and also its parent company Pro Global – these solutions include a range of different initiatives, he said, with some aimed at attracting new faces to the market while others focus on retaining and supporting existing talent.
“What you need to have is a blend,” he said. “Of course, you need experienced individuals but you also need a plan of action about how to fill the gap they’ll leave when they eventually retire. For me, when we came out of lockdown and we saw the business growing rapidly, it was a real case of understanding how important it is that we overcome the challenge of finding the right people to allow that growth trajectory to continue.”
Top tips for retaining great MGA talent
On retaining talent, Maleary highlighted that the business is implementing a range of initiatives aimed at bringing people back into the market, some of whom left to take maternity or caring leave, and some who recently retired. The hybrid working environment of the post-lockdown world has created more flexibility, he said, and is encouraging some individuals to come back on a part-time basis and share their experiences, expertise and skills in order to nurture, coach and mentor younger professionals.
“We’re doing a lot of work around shadowing,” he said. “We’ve got some really good, young, ambitious individuals who don’t know too much about insurance who are shadowing some of our more experienced colleagues. And that could be around business development, or regulatory and compliance work, or account management.
“What that’s doing is creating a continuous work stream of people who will be well-placed to take the business forward to the next level at some point in the future. Home growing is for me the important thing and it’s the mission we’ve been on for a good period of time now. And it does take time but what you get back is the immense satisfaction of seeing people grow and fulfil their own vision and aspirations.”
Why some insurance professionals need to loosen the reins on young talent
In the past, one of Maleary’s pet peeves with the insurance industry has been the reluctance of some more seasoned individuals to open opportunities up to new talent and to give them a chance to shine. That’s definitely changing over time, he said, but it’s not changing fast enough, and the sector generally needs to take a healthier attitude towards encouraging the development of young talent.
“For instance, we’ve got an individual who will be leaving us in the coming months, and we’ll actually be doing a bit of an article about it to say how fantastic it is that they’re enhancing their career,” he said. “For me, you’ve got to be grown up about it, it’s not a point of embarrassment that they want to do something different and take on a new challenge. I feel proud that we’ve helped them get from where they were to where they are, and where they’re going to get to. And we’ll always be here for them as a mentor and as a sounding board.”
Diversification – the key to creating a healthier ecosystem
Discussing how MGAs can bolster the talent pipeline, Maleary emphasised the importance of diversification. Talent drives have got to expand beyond London, he said, which is why his team is investing in creating or expanding its talent pools in areas including Gloucester, Liverpool and Glasgow – and is looking to diversify this further beyond the UK and into Europe and the US. In addition to creating a seamless work stream, this will also allow the firm to align itself accordingly with the types of clients it’s seeing.
“If I look at our client base, we’ve got 30-plus clients and we’re managing 43 MGAs, and they are so diverse in terms of language, culture and their approach,” he said. “Some are the traditional underwriters that you’d expect to see in the city, and some are very techy people to whom the insurance aspect is new.
“So, what you need is a really good spread of skills and understanding, not just around the technical aspects but also the cultural differences that exist. Within the talent pool you have available to you, you have to be able to draw down on their capabilities to support a client. You have to align culture and values, align understanding, align language, and align youth with experience – and then just blend it all together.”
What does it take to open up talent pathways?
It takes time and careful consideration to really build up a strong pipeline, he said, and it’s only possible with the right like-minded individuals around you who are willing to go out of their way to find that time. Maleary noted that he himself continues to lean on the subject matter expertise of mentors, some of whom are older and some of whom are younger than him. As a business leader, he strongly believes that you can’t be afraid of continuously learning and continuously developing your skillsets, your capabilities and your outlook.
“The challenge is that the talent of the future isn’t sitting out there on a shelf waiting for you to pick them,” he said. “You’ve got to home-grow them, which is challenging but it’s also the fun part. And it brings in so many fresh ideas about different approaches to embracing new solutions and new technologies and understanding how these can be utilised. It’s proof that an old dog like me can learn new tricks. Because it’s about not being afraid to change and not being afraid to learn.”
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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When 16-year-old Ollie Dalzell finished his GCSEs, he spent part of his summer break shadowing Pro MGA’s CEO, Danny Maleary, to find out what the world of insurance is really like.
There are textbooks. There are definitions. There are key phrases, too. But, for any 16-year-old with ambitions of making a name for themselves in financial services, there’s only so much you can learn about the real working world when cooped up in the classroom.
For soon-to-be A Level student Ollie Dalzell, a period spent with Danny Maleary and his team on work experience, proved to be an eye opener.
“I spent two years doing a GCSE in business studies, which was great, but this experience taught me just how important communication is,” said Ollie. “If you don’t have good communication with people, you won’t bring in business. That’s something I never learned in my GCSEs.”
“I would absolutely recommend an internship, especially shadowing senior management. It really opened my eyes. The way my time with Pro MGA was structured meant I was able to see how a company is run and how the various pieces of the jigsaw fit together, which was invaluable.”
The future looks bright for Ollie, and the next few years he hopes will provide him with positive choices for his future career.
“I’ve now got two years of A Level, and I can’t wait for it. It’ll be a fresh new start. After A Level, I’m really interested in working in the financial sector. It’s just whether I decide to go to university or head straight into work. We shall see.”
Danny added: “It has been an absolute pleasure to have Ollie with us during the summer. Investing in and nurturing young talent is so important and we’re doing a lot of work at Pro to encourage and support future generations – including through our shadowing programme with senior leaders. We wish Ollie all the very best with his A Level studies and future career wherever that takes him and we will always be here for him as a mentor and sounding board.”
We’re always on the lookout for talent. If you’re interested in working for Pro MGA, why not get in touch.
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When commuting to the office a couple of weeks ago, I spent some time reading through Clyde & Co’s MGA opinion report 2023, and it struck a chord with me.
We have ambitious growth plans at Pro MGA, operationally and for our people, and I feel a wealth of optimism about our medium and long-term future. And that is why this report struck a chord. We’re not the only MGA incubator/Manager who feels this way, and that is incredibly positive for our industry. That is, despite economic turbulence.
Here are a few of my takeaways from the report.
MGAs are a crucible of innovation for carriers
Historically in hard market conditions, carriers have tended to move away from the MGA model, but due to the maturity of MGAs nowadays, along with the opportunities that the MGA route now offer carriers to access certain lines of business, carriers have real trust in the MGA partnership.
Indeed, 45% of carriers said they expected their MGA partnerships to increase in 2023, while 35% said they would hold steady.
This is vital for MGAs and our ability to be nimble and adapt to trends is a key factor in this. It’s our ability to use data and technology to double down on good risk selection too that means that capital providers are still keen to follow the MGA route even though the insurance market remains hard for many lines.
It’s noted in the report that, for an MGA to be attractive to a carrier, they must demonstrate strategic underwriting, a clear business case, differentiation and relevance, and excellent data capabilities. Something for all MGAs and MGA start-ups to consider, for sure.
Capacity allocation unlikely to change in 2023
It was interesting to see that 44% of MGAs said there was no change in capacity allocation from carriers, and just 28% said it would increase by 10% or more. On the other hand, 40% of carriers reported a neutral change in capacity allocation for this year, with 25% saying capacity allocation would increase by 10% or more.
I suspect this is due to the belief that MGAs are well suited to write lines of business that will remain both disciplined and profitable in the coming months. But it’s important to note that the effect of changing economic conditions on claims has yet to be fully seen, according to the report, and that there could be a worsening claims picture coming soon.
This changing face of our economy could result in a greater focus on wordings and rate adequacy, as well as a reluctance on the part of carriers to supply capacity for certain lines.
More food for thought for ambitious teams looking to scale their MGAs.
Europe a hotspot for MGA growth?
A solid 15% of MGAs said Europe provided the best opportunity to grow and develop their business. It doesn’t sound like a high percentage, but it’s by far the biggest change compared to the same Clyde & Co report produced two years ago. Back then, that figure was 9% – a big change, when noting that most other regions of the world saw either a marginal increase or even a decrease from two years ago.
Carriers, incidentally, share the same enthusiasm for MGAs in Europe, as their figure went from 7% to 20% in the space of two years. Again, Europe reflected the only noteworthy increase in confidence carriers felt for MGA growth, with other regions of the world showing decreases.
Eva-Maria Barbosa, Partner at Clyde & Co in Düsseldorf, said in the report that MGAs had been ‘booming’ in Europe over the past few years. She added that MGAs could set up relatively quickly in Europe, accelerated by Brexit, and that development was not only ongoing but ever increasing as it offered a good route into writing business in Europe.
For any ambitious MGA, Europe should be on their radar.
Overall, I was pleased to read this interesting report, which resonates deeply and echoes everything my team and I tell our people. Our optimism aligns with the trends outlined, and we believe that these insights further reinforce the remarkable journey we’re on. In a time where the MGA sector is poised for further growth and evolution, being a part of Pro MGA means embracing a world of possibilities.
Reach out to us today to explore how Pro MGA can guide you towards seizing the opportunities and achieving remarkable success in the world of MGAs. Together, let’s make the most of this extraordinary time to be part of our thriving industry.
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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This interview was published by Insurance Edge and is shared with the kind permission of the publication
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It’s been a while since Insurance Edge (IE) has spoken to Danny Maleary, CEO of Pro MGA Global Solutions, , so BIBA 2023 was the perfect opportunity to catch up with what’s new in the world of MGA services for brokers who want to scale up and extend their reach.
IE; So let’s talk MGA support Danny, I guess you need a slightly different approach for brokers, depending on where they are on their growth journey? What’s the feeling like post-pandemic, is investment making a strong comeback?
DM; Yeah it is very positive out there now after the pandemic. We found the pandemic was an initial shock in some ways, with everyone in the broker community getting used to Teams and Zooms etc. but it was also a very productive time too. For us at Pro MGA Global Solutions we have picked up about 15+ new clients over the last 2 years or so, it’s been a very fruitful time.
The appetite for creating a new MGA is very much there, we are also finding that we have clients who want to establish become multiple MGAs. That is becoming a thing, definitely. It seems to be primarily driven by desire to enter new territories. One of the core features we offer is multi-territorial MGA properties. We can help clients navigate new territories and stay compliant as they grow.
IE; Any particular geographical areas that are hotspots for this right now? –
DM; It’s all over really, but we are seeing plenty of interest from clients who are existing MGAs and want to launch in the USA. Plus, that is also a trend the other way, so US companies wishing to become MGAs across Europe too. For us, we see significant opportunities for multi-territorial propositions.
We are seeing companies wanting multi-aligned products, all tied to their existing customer base. They might have a core proposition and want peripheral products. Lots of thought going into growth strategies right now. It’s exciting and challenging. For us 15 new MGAs last year, 66% overall business growth on the previous year.
We are also exploring a pipeline of 15 further MGAs for this year too. We are highly selective and are declining about 62% of what we see. It demonstrates to me that the quality of ideas around growth are much better now. Much of that is home based working freeing up time.
IE; One company told IE last year that hybrid working had boosted productivity by about 25%. It really makes a difference when planning a new project doesn’t it?
DM; Sometimes an office environment can offer a few distractions in terms of time usage. But hybrid working definitely helps us achieve more, plus enjoy more long weekends too. Pro MGA Global Solutions is definitely managing our time better and getting an improved work-life balance too.
IE; How is tech changing things like translating languages, like say T&Cs for regulators in different markets?
DM; It can be challenging translating some legal terms for different markets, yes. But the way to do that is by having good quality expertise on the ground. If you’re coming into Europe you need multiple versions of whatever your core language terms are and it is not easy. But it’s do-able and all about having the experts. One strength we have is offering that local multi-compliant approach.
IE; If you look at the UK, you have Gaelic, Welsh and other languages to consider adding to T&Cs. Then in a market like say Spain, you have Catalan, local Valencian or Galician dialects. All of those are really separate languages and offer a legal challenge if you get things wrong.
DM; You can’t get away from having a network of resources to resolve those problems. Pro MGA Global Solutions sees ourselves as a partnership, so we enjoy helping clients with those on-the-ground challenges.
IE; There’s so much investment in green tech now, are you seeing MGAs who want to specialise in that niche in particular?
DM: Absolutely. We are seeing more ESG and environmental propositions. There is a massive appetite for it. It tends to be driven by local government agencies, who are embracing this new technology and of course that creates demand for new insurance products. It’s about alignment and very much an uptick right now.
Products need to be thought through carefully and if insurance brands are creating lines for governments then they need to work closely on product development with the public sector.
IE; Any other growth areas you’ve spotted?
DM; Embedded insurance is being refined and developed this year. The concept of placement facilities is driving much of it. Lots of it is being automated too. In a wider sense, risk pricing and leads are being automated more too, the whole placing process is changing and offering more power to the broker in terms of choice.
The economic situation means that there’s more emphasis on value now, everyone is looking to create things that are affordable, but still deliver what is needed. There is lots of work going on in that area, people are adapting to what is going on in the world and trying to build products that businesses and individuals can buy – that’s what it’s all about.
BIBA this year is an example of how entrepreneurial the industry is, the positivity, the buzz is bigger than ever this year. It’s exciting being here and having conversations, hearing about new ideas.
IE; Great insights Danny, thank you.
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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Backed by A+ rated Lloyd’s and companies market capacity, Nirvana Risk Partners is a specialist underwriting team focused on the media, technology and cyber sectors targeting organic and inorganic growth to fuel its expansion
London, 17 April, 2023: Pro MGA Global Solutions, the independent managing general agent (MGA) incubation division of global re/insurance trusted guidance provider, Pro Global Holdings Limited (Pro), is excited to announce its incubation partnership with specialty MGA Nirvana.
Nirvana is led by CEO Kabir Chanrai and Executive Chairman Rob Jones, together with Head of Europe Thomas Mannsdorfer and experienced Sector Underwriter Glenn Crickmar. The business was established in 2017 as part of Castel Underwriting agencies (Castel), and the incubation partnership with Pro MGA Global Solutions follows Nirvana’s successful management-led buyout (MBO) from Castel in March 2023.
Nirvana’s insurance portfolio encompasses media liability; film and television liability; technology liability; and cyber liability developed for all sizes of business from SMEs to larger corporates. Nirvana has ambitious plans to grow into a diversified service- and underwriting-first MGA through hires and acquisitions of existing MGAs.
Pro MGA Global Solutions will provide regulatory, operational and technical support to help the team at Nirvana continue their successful growth.
Kabir Chanrai said: “Nirvana’s goal is to deliver insurance solutions that span the full risk spectrum, and as we move onto the next phase of our growth, we are focused on expanding the innovative global package of media and technology liability products we have developed through both organic and inorganic channels.
Following the buyout, we are looking for a seamless transition to an independent MGA, and we are very pleased to be partnering with Danny and team, who I’m confident will apply their leading technical expertise to continue to enable the global vision of our business.
This is a very exciting time to be launching Nirvana independently, and I’m looking forward to driving ahead with our underwriting first and service first mindset. With Pro MGA Global Solutions’ expert support, we can stay focused on pursuing our long-term growth strategy and delivering valuable solutions to our clients.”
Danny Maleary, CEO of Pro MGA Global Solutions, added: “It’s a pleasure to work with the entrepreneurial Nirvana team who have so successfully built out the business focusing on innovative and profitable cyber, media and technology liability products.
Here at Pro MGA Global Solutions, we have extensive experience of the Lloyd’s and London company markets across a wide range of disciplines in brokers, service providers and insurers, as well as highly relevant experience in the MGA arena across the companies market and international platforms.
I’m looking forward to bringing the full strength of our network to bear to support the strong growth that is on the horizon for Nirvana in a sustainable way by providing a platform with full regulatory oversight and operational support. This will empower the high caliber Nirvana team to focus on what they do best: developing innovative products that help solve real world challenges for their clients.”
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About Nirvana Risk Partners
Enjoying long standing partnerships with some of the most recognisable global media and technology organizations, Nirvana are leading experts in media and tech insurance in London and internationally. Nirvana Risk Partners was founded by Rob Jones in 2017 as a trading division within the Castel Underwriting Agencies platform.
Based in the London Insurance Market, Nirvana’s underwriting capacity is provided by A+ rated Lloyd’s syndicates and insurance company capacity.
Nirvana’s infrastructure is built upon the tried-and-tested foundations of the Castel MGA underwriting platform.
For more information, please visit: http://www.nirvanarisks.com/
About Pro MGA Global Solutions
Pro MGA Global Solutions is an independent incubation partner that scales with clients’ ambitions. Pro MGA Global Solutions offers both entrepreneurial support – including set up, guidance and regulatory oversight that enables MGAs to flourish – together with operational support including underwriting oversight expertise and regulatory platforms that enable MGAs to trade.
For more information, please visit: https://pro-global.com/pro-mga/
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This article is published with the kind permission of Reinsurance News
There has been a significant increase in reinsurers’ appetite wanting to specialise in reinsuring insurer’s delegated authority portfolios. With both parties aligning their interests they have now effectively become one risk capital partner, a change that Pro MGA Global Solutions (Pro MGS) CEO, Danny Maleary, has seen starting to develop and “long overdue”.
Pro MGS, part of Pro Global, is a Managing General Agency (MGA) incubation partner which provides a platform and services to assist new and developing MGAs, offering a faster and more cost-effective way for them to get up and running.
In conversation with Reinsurance News, Maleary shared his views regarding the current state of the MGA market, as well as the growing changes he has observed are developing in the market involving reinsurers.
“Generally speaking, the MGA market is robust, as robust as I’ve ever known it to be. It continues to be so despite what’s going on in the world, from an economical perspective,” said Maleary.
“I’m seeing a lot of healthy, good quality opportunities, very thought through and measured in their approach. Very data driven, very thoughtful and mindful of delivering profitability to all their key stakeholders. I think that the sector at the moment continues to grow and we’re seeing a continued uptick of opportunity across the globe.
“This is not just in the UK, but also Europe, the US and other territories as well. We’re also finding more and more, perhaps underserved countries, starting to embrace the MGA to enable insurance products to be obtainable by customers. These are exciting times!”
The resilience of MGAs is thanks to their flexibility, Maleary explained, as they have to be nimble and able to change and mirror both what the market and customers want and need.
Over the last five years, he has also seen reinsurers participating more in the creation of MGAs, when traditionally, they would usually not be as involved.
Maleary said: “Lately, when I look at some of my MGA clients, a number of them also have got reinsurance platforms. They’re confident that they have not only created MGAs, the vehicle to deal with the customer, but that they are also creating a reinsurance platform as a follow reinsurer to the lead reinsurer that supports their portfolio which’s being insured by the insurer.
“That has started to drive, I think, a significant appetite from a number of reinsurers wanting to specialise in reinsuring insurer’s delegated authority portfolios. This year in particular, I’ve seen quite a few opportunities where the insurer, with their reinsurer, has come to us with an MGA opportunity.
“So the MGA, the insurer and the reinsurer are all aligned and it’s quite interesting to see how that is starting to develop now, whereas perhaps six or seven years ago it was about just the MGA and the insurer, the reinsurer was over there somewhere, never really getting that involved.”
Maleary believes that this change has happened because reinsurers want to do more business in the delegated authority space.
He noted that, especially towards the end of last year, reinsurers appear to have been stimulated to think a little bit more laterally, and more focused around the world of delegated authority (MGAs) to enable them to think more strategically around what they should be doing with their insurer partner.
“This is quite exciting, because now, for once, I’m in a room not just with my MGA client and the insurer that’s supporting them, but also the reinsurer. So we’re all aligned here in terms of the risk appetite and the quality of data that flows from the MGA through the insurer to the reinsurer,” Maleary explained.
“This real alignment of interest, even though it’s in its early days, is building up. And it’s not that insurers and reinsurers are blending together, but are considered as one risk capital partner.
“As they align they are enabling the MGA to possibly write more business because the reinsurer partner of the insurer that supports the MGA is happy for the insurer to, perhaps, quota share more out to the reinsurer. Therefore to be able to write more business. So I see more reinsurers now talking to me about MGAs.”
By working together as one, reinsurers also bring with them their data and analytical side, with which they have more experience compared to insurers, according to Maleary.
“Averaging years and tens of hundreds of years perhaps, of reinsurance knowledge and data management right at the front end, only enhances probably everyone’s journey. Which is another factor that I see why reinsurers have started to get more and more involved.”
“Therefore, bringing them together as one risk capital partner enhances the MGAs proposition and relevance, and allows all parties to be more successful,” he highlighted.
The CEO added: “Insurers and reinsurers have strong points and weak points, but collectively they are much stronger rather than working as individuals. That is where I’m seeing significant opportunities now which bring significant value-add to the market.
“Historically, the insurer-reinsurer relationship was really geared towards catastrophic type of losses or catastrophe type of businesses. Currently I’m sort of looking at what that was like, and I’m almost seeing a version of that and a reiteration of that in the delegated authority space.
“This is quite refreshing and I do feel that as we go through 2023 and into 2024, even though we are in early stages, I can see more and more of that taking place. I can see the reinsurer playing a much stronger and important part in the delegated authority space than they do today.
Maleary concluded: “Change is happening now, it has been long overdue; and I believe that in the next two to five years this is going to become the norm. Change is also bringing some interesting thought provoking ideas, some great innovations and great entrepreneurialism, and some great partnerships.”
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London, 1st March, 2023: Pro MGA Global Solutions (Pro MGA), the independent managing general agent (MGA) incubation division of global re/insurance trusted advisor Pro Global Holdings Limited (Pro), is pleased to announce that it is extending its partnership with UK-based Calibrant Limited (Calibrant)
Calibrant specialises in the portfolio management and oversight of delegated authority business, partnering with both carriers and MGAs with the aim of creating and maintaining long-term, multi-year capacity provision.
Pro MGA Global Solutions has been working with Calibrant since its launch in 2021 providing the turnkey solution and appointed representative status that supported its successful and compliant growth to date.
In February 2023, Calibrant received full FCA authorisation, with the Pro MGA team providing support throughout the process and enabling Calibrant to trade in a regulated environment. Having reached this milestone, Pro MGA is pleased to extend its relationship with Calibrant and will provide compliance support and regulatory horizon scanning services in 2023 and beyond.
Danny Maleary, CEO of Pro MGA Global Solutions, said: “We are delighted to have supported Calibrant through their start-up and incubated the business into a fully authorised firm and now extending the partnership with Calibrant. Our unique turnkey services provided the company with the necessary regulatory oversight to ensure it was compliant with FCA regulations.
The partnership between Pro MGA and Calibrant highlights the importance of a regulatory framework in the MGA sector and the need for turnkey services that support the sustainable and successful growth of MGAs across their chosen territories and classes. Pro MGA’s blend of business and technical skills is tailored to support MGA teams and promote sustainable growth and we look forward to continuing to support Calibrant in the next stage of its development.”
Simon Pollack, Managing Director at Calibrant, commented: The strength of Pro MGA’s compliance support and appointed representative framework were key factors in our decision to partner with them in 2021. Due to the strength and success of the last two years we are pleased to extend our relationship as we embark on our journey as a directly authorised firm. We are looking forward to continue working closely with the team at Pro MGA, exploring new opportunities and continuing to benefit from their compliance support structure”.
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London, 21st February, 2023: Pro MGA Global Solutions, the independent managing general agent (MGA) incubation division of global re/insurance trusted guidance provider, Pro Global Holdings Limited (Pro), is delighted to announce its partnership with Casper Specialty UK Limited and Casper Specialty Europe GmbH (“Casper”), which was announced today and launches 1 March as a new specialist MGA, focused on the casualty market.
Focused on financial lines and professional lines risks backed by long-term capacity support from Argenta, Casper plans to underwrite a significant portfolio of casualty business from 1 March 2023. Headquartered in London, it will also be structured to write European business thanks to the regulatory and trading frameworks provided by Pro MGA Global Solutions.
The business will be led by Bradley Knight. Over a 36 year career, Bradley has established himself as one of the most highly regarded casualty underwriters in the London Market. Most recently he was Deputy Active Underwriter & Head of Casualty Insurance at Argenta. Bradley will join the board of Casper as CEO once regulatory approval has been obtained. He will be supported by Simon Sykes, currently CEO of Polo Managing Agency and Polo Commercial Insurance Services, as COO, and Hugh Sprowson, previously Head of FI at Argenta, as CUO.
Bradley Knight said: “We’re hugely excited to launch Casper to the market. The casualty market is undergoing dynamic change as it looks to adapt to factors such as high inflation and a more challenging economic environment; myself and the team believe that there is a significant opportunity to offer carriers a proven underwriting partner that can enable them to access the opportunities these market conditions present.”
“As a newly formed MGA, we will also look to put data at the heart of how we do business, offering real time access to our capacity partners giving them greater visibility over business written and underwriting performance. We are also delighted to have agreed a partnership with Argenta, building on the existing deep relationship. We look forward to beginning our growth journey with the support of our investors and market partners.”
Danny Maleary, CEO of Pro MGA Global Solutions, added: “Casper addresses the strong growth in demand for innovative, reliable and efficient solutions in the financial and professional lines sectors by applying fresh thinking and a scalable business model. Underwriting in the UK and Europe is only possible with the right regulatory frameworks and operational support – critical strategic elements which Pro MGA Global Solutions is bringing to the table to empower Casper’s sustainable growth going forward.
We’re excited and proud to have been selected to support the launch of Casper at this pivotal moment – as an independent MGA incubator we will partner with Casper, providing forward-thinking regulatory oversight and our unique and proven blend of business and technical skills tailored towards supporting the talented Casper team as they grow.
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