Small business insurance agency, Insureon, has launched Insureon Underwriting Managers, a managing general agency (MGA) to target hard-to-place coverage for home-based businesses and coastal homes. The venture is being supported by more than $3bn of capacity from a number of Lloyds syndicates. In the UK, there are currently about 500,000 MGAs, which provide underwriting, property management and other services to small businesses.
Small business insurance agency, Insureon, has launched Insureon Underwriting Managers, a managing general agency (MGA) to target hard-to-place coverage for home-based businesses and coastal homes. The venture is being supported by more than $3bn of capacity from a number of Lloyds syndicates. CoverHound also said its forthcoming cyber insurance brand may have to function as an MGA and highlights a trend among insurance distributors to become MGAs which has been noted in the insurtech sector.