Put simply — although it is not always all this simple — an MGA is an agent that manages an insurer's business, produces and underwrites a certain amount of the insurer's business, and either adjusts/pays a certain amount of the insurer's claims or negotiates reinsurance on the insurer's behalf. Credit: BENIS ARAPOVIC/WWW.SHOCK.CO.BA
Editor's note: The following article appeared on PropertyCasualty360's sister outlet Law.com, and keeps with our Friday schedule of delivering articles covering the nitty-gritty details of P&C insurance, tips for professional development, articles looking at the industry's more niche concepts, and the history of certain lines and programs.
What is a managing general agent? This question is one we are often asked by our producer-clients — typically after we advise them to remove the term "managing general agent" from their agreements with insurers. While we can spend time diving into the uses, history and evolution of managing general agents (often referred to as MGAs), this article will instead focus on what, exactly, it means to be an MGA.
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