Is this the end of insurer love affair with MGAs?
The managing general agents (MGA) sector appears to be in a state of flux with sales and capacity withdrawals taking place following the purchase
of Angel Underwriting by Catlin last year.
At the start of 2011, Amlin purchased JR Clare, which was responsible for approximately £30m of UK household and commercial insurance premium income, stating “it has recently lacked sufficient capital to continue to fund its operations and satisfy the FSA’s solvency requirements.”
And in May, Allianz confirmed
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