The idea of a managing general agent (MGA) is not too difficult to understand. MGAs are a specialized kind of insurance agents or brokers that have been granted underwriting authority by an insurance carrier. It is this binding authority that enables MGAs to underwrite policies for very niche and specific insurance needs.
MGAs are a specialized lot and are highly regarded for the vital work they provide to Canada’s insurance market. But even among MGAs, there are those whose level of service and expertise puts them in a league of their own. Such is the case with Modern Specialty Insurance (MSI) – one of Insurance Business Canada’s 5-Star MGA 2022 winners, and one of the few to also receive an All-Star MGA recognition for this year.
Read more: 5-Star MGAs 2022
MSI is a winner across multiple categories. It not only bagged IBC’s overall 5-Star MGA 2022 award, but also won in the pricing; technical expertise and product knowledge; ability to place niche/emerging risks; range of products; compensation; overall responsiveness; reputation; marketing support; technology/automation; as well as geographical reach categories. Unsurprisingly, MSI had also won last year’s 5-Star MGA award.
What lies in the heart of MSI is an earnest desire to provide “exceptional service,” to better support the broker partners it works with.
Founded in 2019, MSI is an independent MGA specializing in insurance programs and solutions customized for the transportation and niche habitational insurance sectors. MSI’s team has a combined 50 years of insurance experience, led by veteran Anthony “Tony” Passarelli. Passarelli himself has more than 35 years of experience in the P&C insurance business, serving numerous leadership roles across underwriting, operations, and sales/marketing. He also served as an executive for another MGA and a regional brokerage.
In accepting its award this year, MSI promised that it would continue to identify new programs that support brokers and the needs of their clients, adding that the company loves to receive feedback from partners to “improve upon an already more than exceptional wholesaler.” There is more to being a provider of niche insurance solutions, and MSI’s drive to continuously improve the experience is award-worthy.
Read more: 5-Star MGAs 2022
