PoloWorks new MGA incubator to support start-up and established MGAs

PoloWorks, a Lloyd’s and London Market insurance services business, has announced the launch of Polo MGA, a new Managing General Agent (MGA) incubator.

The new offering was created to provide services to both start-up and established MGAs ranging from support with their formation to help with their growth.

In some cases this support will also be supplemented by investment from PoloWorks where the business proposition fits the company’s investment appetite.

Adam Tanner, Head of Polo MGA, said: “This is an exciting addition to the PoloWorks suite of services. The launch of Polo MGA broadens our offering to underwriters taking the MGA route seeking enhanced performance-based remuneration, as well as setting the stage for a potential future transition into their own Polo-managed syndicate or syndicate-in-a-box.

“Our new MGA incubator aims to support the establishment of MGA-based underwriting cells, allowing underwriters to focus on their core tasks of underwriting and business development. I look forward to working alongside the wider PoloWorks team in the MGA space.”

As well as acting as the MGA’s principal, Polo MGA offers credit control, finance support and regulatory reporting, along with internal broker support and transaction management, which are all the services needed to incubate an MGA.

For those clients who need a more specialised service, Polo MGA will also provide access to the full suite of insurance services offered within PoloWorks’ other divisions, including actuarial, claims services, and risk & exposure management.

PoloWorks currently fields over 350 specialist matter experts based in our London and Cheltenham service hubs.

Paul Andrews, Chief Executive Officer of PoloWorks and Polo Managing Agency, commented: “The launch of Polo MGA enables PoloWorks to provide a user-friendly underwriting vehicle in the UK market alongside international underwriting capability via our Lloyd’s turnkey division Polo Managing Agency.”

Moreover, PoloWorks also aims to offer an offshore platform in Guernsey through Polo Insurance Managers (PIM), from June 2024.

“The launches of Polo MGA now and of PIM in June are further extensions to the full-service, multi-platform turnkey offering that PoloWorks provides,” Andrews added.

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