Top 10 MGA Companies - 2023

The surge in private equity investment within the insurance sector has turned the spotlight onto managing general agents (MGAs), marking a notable shift in the landscape of niche investments. Traditionally, private equity endeavours in insurance have centred on retail brokerages, yet the recent pivot towards MGAs signifies a burgeoning interest in this distinct segment.

Over the past decade, private equity has demonstrated a strong penchant for leveraging intermediaries within the insurance domain, yielding robust returns primarily through retail brokerages. However, the evolving trajectory of investment trends now underscores a strategic redirection towards MGAs, amplifying competition and elevating valuations within this sphere.

Understanding the distinctive role of MGAs within the intricate tapestry of the insurance ecosystem is paramount for investors seeking to capitalize on emerging opportunities. MGAs, as specialized intermediaries, diverge significantly from other counterparts, such as retail brokers and wholesalers. While retail brokers predominantly focus on connecting clients with insurance policies, and wholesalers facilitate transactions between insurers and retail agents, MGAs operate uniquely.

These entities assume a multifaceted role, assuming underwriting authority on behalf of insurers, managing policy administration, and often shouldering a substantial portion of the risk. This amalgamation of responsibilities sets MGAs apart, positioning them as pivotal players within the insurance distribution chain. The increased influx of private equity into MGAs has intensified competition for deals, driving valuations and emphasizing the inherent value embedded within these specialized intermediaries.

For investors navigating the complex terrain of the insurance sector, comprehending the distinct functions and nuances of MGAs presents an opportunity to tap into a niche with immense potential. With the heightened interest and evolving dynamics, MGAs emerge as an intriguing focal point for strategic investment within the insurance landscape.

In this edition of Insurance Business Review, we showcase MGA companies in 2023. Among the featured companies are Verve, BAC Financial, Ledgebrook, Tim Parkman and Risksmith Insurance Services. The magazine further brings insightful perspectives shared by Neil Wright, director of professional liability claims at Sedgwick’s Specialty Business; Michele Adams, vice president at Walmart Claims Services [NYSE: WMT], and Kimberly Clifford, director of claims management at EMCOR Group . We hope these valuable insights from industry leaders featured in this edition will assist you in making informed decisions for your businesses.

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MGA - 2023

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Verve

Verve, a full-service managing general agency and predictive analytics company, has developed a unique platform that utilizes predictive analytics for sales distribution in the auto insurance industry. Verve uniquely finds, filters, acquires, and services private passenger auto customers via twenty APIs for electronic and automated flows for underwriting, rating/binding, payments, claims servicing and electronic processing and payments.

Carriers and reinsurance partners reap winning capital returns, producers benefit from Verve’s user-friendly platform, and end-users receive customized auto insurance solutions tailored to their specific needs

Dan Lazarek, CEO & Founder
Verve

Verve, a full-service managing general agency and predictive analytics company, has developed a unique platform that utilizes predictive analytics for sales distribution in the auto insurance industry. Verve uniquely finds, filters, acquires, and services private passenger auto customers via twenty APIs for electronic and automated flows for underwriting, rating/binding, payments, claims servicing and electronic processing and payments.
Carriers and reinsurance partners reap winning capital returns, producers benefit from Verve’s user-friendly platform, and end-users receive customized auto insurance solutions tailored to their specific needs

Dan Lazarek, CEO & Founder,.
BAC Financial

A member of the prestigious PELLAS GROUP, BAC Financial is a leading brokerage agency in the Latin American health, life insurance, and investment sectors. Over the past three decades, it is also renowned for successfully nurturing and developing a multitude of agent-brokers for different insurance companies through its 'PARTNERS FOR LIFE' program across Latin America, the U.S., and 23 other nations. The program consists of multiple professional coaching and training initiatives, even for specialized domains like MGA, which maximizes an agent’s knowledge and productivity in health and life insurance sales.

As a ‘master general agency,’ we deploy our health and life insurance and investment sales directors to conduct seminars on insurance products and sales concepts and offer technical support to nurture agent-brokers of insurance agencies.

Juan Pablo Valenzuela, Director of Marketing, Carlos Hurtado Director of Marketing, Ivy Connors Directors of Marketing at BAC Financial; Alexia Lacayo, Administration President; Johnny Sordo, President
BAC Financial

A member of the prestigious PELLAS GROUP, BAC Financial is a leading brokerage agency in the Latin American health, life insurance, and investment sectors. Over the past three decades, it is also renowned for successfully nurturing and developing a multitude of agent-brokers for different insurance companies through its 'PARTNERS FOR LIFE' program across Latin America, the U.S., and 23 other nations. The program consists of multiple professional coaching and training initiatives, even for specialized domains like MGA, which maximizes an agent’s knowledge and productivity in health and life insurance sales.
As a ‘master general agency,’ we deploy our health and life insurance and investment sales directors to conduct seminars on insurance products and sales concepts and offer technical support to nurture agent-brokers of insurance agencies.

Juan Pablo Valenzuela, Director of Marketing, Carlos Hurtado Director of Marketing, Ivy Connors Directors of Marketing at BAC Financial; Alexia Lacayo, Administration President; Johnny Sordo, President,..
Ledgebrook

Ledgebrook is an InsurTech excess and surplus (E&S) MGA that delivers wholesale brokers the quickest and easiest quotation experience while providing best-in-class price and risk selection through its revolutionary next-generation tech stack. It is on a mission to bring specialty insurance into the modern era through its products–general liability, professional liability, and upcoming product excess casualty.

We offer the best of both worlds—innovative world-class technology deployed by a leadership team with decades of insurance expertise. This distinct blend of cutting-edge tech and old-school insurance expertise helps us deliver a superior experience

Gage Caligaris, CEO
Ledgebrook

Ledgebrook is an InsurTech excess and surplus (E&S) MGA that delivers wholesale brokers the quickest and easiest quotation experience while providing best-in-class price and risk selection through its revolutionary next-generation tech stack. It is on a mission to bring specialty insurance into the modern era through its products–general liability, professional liability, and upcoming product excess casualty.
We offer the best of both worlds—innovative world-class technology deployed by a leadership team with decades of insurance expertise. This distinct blend of cutting-edge tech and old-school insurance expertise helps us deliver a superior experience

Gage Caligaris, CEO,.
Risksmith Insurance Services

Risksmith Insurance Services is a dynamic and innovative player in the insurance industry. Specializing in providing tailored solutions for unique and evolving risks, Risksmith excels in bridging capacity gaps in underserved markets. Its expertise in underwriting and analytical excellence allows it to craft customized insurance products that meet the specific needs of its clients, whether they are insureds, insurance carriers, or brokers. With a commitment to underwriting profitability and an agile, solution-oriented approach, Risksmith is at the forefront of the industry, addressing challenges and unlocking opportunities with precision and efficiency.

What sets us apart is our solution-oriented approach. We don't offer standard capacity; we exclusively focus on solving problems in the insurance marketplace

Ryan Scheinfeld, Founder and CEO
Risksmith Insurance Services

Risksmith Insurance Services is a dynamic and innovative player in the insurance industry. Specializing in providing tailored solutions for unique and evolving risks, Risksmith excels in bridging capacity gaps in underserved markets. Its expertise in underwriting and analytical excellence allows it to craft customized insurance products that meet the specific needs of its clients, whether they are insureds, insurance carriers, or brokers. With a commitment to underwriting profitability and an agile, solution-oriented approach, Risksmith is at the forefront of the industry, addressing challenges and unlocking opportunities with precision and efficiency.
What sets us apart is our solution-oriented approach. We don't offer standard capacity; we exclusively focus on solving problems in the insurance marketplace

Ryan Scheinfeld, Founder and CEO,..
Tim Parkman

Tim Parkman Insurance (TPI) excels in delivering innovative, client-focused insurance solutions. With a seasoned team and advanced technology, TPI offers a wide array of products for homeowners, businesses, and specialized industries, streamlining operations for agents and enhancing customer satisfaction.
Tim Parkman

Tim Parkman Insurance (TPI) excels in delivering innovative, client-focused insurance solutions. With a seasoned team and advanced technology, TPI offers a wide array of products for homeowners, businesses, and specialized industries, streamlining operations for agents and enhancing customer satisfaction.
AmCom Insurance Services

AmCom Insurance Services operates as a Managing General Agency renowned for delivering hands-on customer service. The company's solutions undergo scrutiny and approval at the State Department of Insurance level, ensuring compliance.
AmCom Insurance Services

AmCom Insurance Services operates as a Managing General Agency renowned for delivering hands-on customer service. The company's solutions undergo scrutiny and approval at the State Department of Insurance level, ensuring compliance.
Arrowhead General Insurance Agency

Arrowhead General Insurance Agency stands as one of the nation's largest general insurance agencies. It extends its expertise to niche-targeted insurance products tailored for various industries, including logging/forestry, independent booksellers, manufactured housing dealers & communities, security alarm installers, railroad contractors, and more.
Arrowhead General Insurance Agency

Arrowhead General Insurance Agency stands as one of the nation's largest general insurance agencies. It extends its expertise to niche-targeted insurance products tailored for various industries, including logging/forestry, independent booksellers, manufactured housing dealers & communities, security alarm installers, railroad contractors, and more.
Balance Partners

Balance Partners' aim is to redefine the model by returning to the fundamentals, placing genuine value on relationships, and focusing on cultivating mutual profitability through rational commission structures and performance-driven underwriting.
Balance Partners

Balance Partners' aim is to redefine the model by returning to the fundamentals, placing genuine value on relationships, and focusing on cultivating mutual profitability through rational commission structures and performance-driven underwriting.
Bass Underwriters

Bass Underwriters acknowledges the service-driven nature of its business, recognising that the success of its agents is paramount and influences all its endeavours. The company prioritises customer satisfaction by constructing top-notch systems and adopting a long-term planning approach.
Bass Underwriters

Bass Underwriters acknowledges the service-driven nature of its business, recognising that the success of its agents is paramount and influences all its endeavours. The company prioritises customer satisfaction by constructing top-notch systems and adopting a long-term planning approach.
Integrated Specialty Coverages

Integrated Specialty Coverages stands as a premier Program Administrator committed to achieving excellence in underwriting, prioritizing client service, and enhancing the overall customer experience. By leveraging sophisticated systems and analytics, it has pioneered a transformative approach to underwriting and program operations.
Integrated Specialty Coverages

Integrated Specialty Coverages stands as a premier Program Administrator committed to achieving excellence in underwriting, prioritizing client service, and enhancing the overall customer experience. By leveraging sophisticated systems and analytics, it has pioneered a transformative approach to underwriting and program operations.