Starting a new insurance business like a brokerage or a managing general agent (MGA) is always a daunting prospect; unless you already have a network of connections in the industry, you will have to start from square one. And it becomes even more difficult when you try to open up shop in the middle of a global crisis like the COVID-19 pandemic.
This is why the story of Unique Risks, an MGA based in Burlington, ON is so impressive. Founded in 2019 – the same year the pandemic began – Unique Risks has since experienced 300% growth annually since it launched. The company is also expecting to hit growth between $50 million and $60 million this year.
Read more: 5-Star MGAs 2022
Unique Risks is one of Insurance Business Canada’s 5-Star MGA 2022 winners, for the categories pricing; technical expertise and product knowledge; ability to place niche/emerging risks; compensation; overall responsiveness; reputation; marketing support; technology/automation; and geographical reach. It also won IBC’s 5-Star MGA award last year.
The MGA is driven by its mission to develop innovative insurance solutions for risks considered “unwanted, unloved or misunderstood.”
“Unique Risks has a specific appetite for tough-to-place liability risks,” said Unique Risks president and CEO JD Farquhar. “For those accounts most insurance markets tend to run away from, those we run towards. Our experienced underwriting team will craft wordings, endorsements, and rating structures that work for our clients to satisfy their needs, as well as supporting our capacity partners.”
Initially focused on commercial general liability and umbrella and excess, Unique Risks has since expanded a property facility, with specializations in realty, office packages, construction, small retail, renovation projects and course of construction (COC). The company also launched a wrap-up facility to further complement its property and COC offerings.
But it is not enough for Unique Risks to throw itself into serving the most difficult-to-place risks. The MGA is proud of being able to turn around quotes within 24 hours and adjusting its insurance solutions to best fit clients.
“Our responsiveness is fantastic. It’s probably under 24 hours,” explained Unique Risks managing director Rodney Spurrell. “Our underwriting, we can tailor a product and write it so the customer is happy. At the end of the day, it runs fairly clean and smooth.”
Spurrell also explained that Unique Risks’ business is all built on a tech platform that only costs $200,000. Any MGA able to spend just $200,000 to see a huge return on investment within three years certainly deserves to be called a top MGA.
Read more: 5-Star MGAs 2022
