Every once in awhile in the world of investment banking, an idea is born that creates unexpected wealth. Unfortunately, not all innovations have positive long-term consequences, as witnessed by the recent demise of mortgage-backed securities.
Managing general agents--especially those managing sizable books of property and casualty programs for insurance companies--have suddenly become a hot commodity for mergers and acquisitions. Insurance carriers, brokers, other MGAs and private equity firms have become caught up in a wave of bidding to acquire MGAs.
Why program MGAs, all of a sudden?
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