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.
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