Managing General Agency:

A Managing General Agency(MGA) is a type of insurance agent or broker that has the authority to underwrite and issue policies on behalf of an insurer. An MGA can also perform other functions, such as settling claims, appointing retail agents, and collecting premiums. An MGA can benefit both insurers and agents by providing specialized expertise, lower costs, and more control over their insurance programs. An MGA can also work with different insurers and offer customized coverage to meet the needs of various clients.

EXAMPLE:

Managing General Agency: A Managing General Agency(MGA) is a type of insurance agent or broker that has the authority to underwrite and issue policies on behalf of an insurer. An MGA can also perform other functions, such as settling claims, appointing retail agents, and collecting premiums. An MGA can benefit both insurers and agents by providing specialized expertise, lower costs, and more control over their insurance programs. An MGA can also work with different insurers and offer customized coverage to meet the needs of various clients.

• An example of MGA is Bolt access, which provides independent insurance agents with immediate access to preferred, national carriers as well as an array of markets. Bolt access can offer customized coverage and services to agents and their clients, such as personal lines, commercial lines, specialty lines, and program business. Bolt access can also handles the underwriting, pricing, binding, and policy issuance for the insurers it works with.