Managing general agent
Underwrites on delegated authority from an insurer.
Definition
An intermediary granted binding authority by one or more insurers to underwrite and issue policies within a defined appetite, and sometimes to handle claims. The risk still sits with the insurer behind the authority; the MGA is exercising somebody else's pen within agreed limits.
Why it decides money
A quote from an MGA is a real quote, but the security behind it is the insurer's. Ask whose paper the cover is written on.
Related terms
- Underwriter
- The person or entity that accepts the risk and sets the price.
- Broker
- An intermediary acting for the insured in placing the risk.
- Financial strength rating
- An agency's opinion of an insurer's ability to pay claims.
More in market and parties
InsuranceScanner is an insurance intermediary, not an insurer — see the Terms for our role. Nothing here is a personal recommendation that a particular cover, sum insured or deductible is suitable for you. Where anything on this page conflicts with the certificate, policy schedule or wording issued by an insurer, that document governs.