PoloWorks has unveiled Polo MGA, a new managing general agent (MGA) incubator. According to a news release, the new offering provides support spanning from inception to expansion, and, in select cases, backed by investments from PoloWorks where the business proposition aligns with Polo’s investment criteria.
The new proposition targets both startup and established MGAs, with the support being offered including credit control, finance support, regulatory reporting, internal broker support, and transaction management. The incubator clients of Polo MGA seeking specialized services will also gain access to the insurance solutions offered across PoloWorks’ various divisions. This includes actuarial expertise, claims services, and risk and exposure management. PoloWorks currently has over 350 specialist matter experts stationed in London and Cheltenham service hubs, the news release noted.
Adam Tanner, head of Polo MGA, expressed his enthusiasm for the venture.
“This is an exciting addition to the PoloWorks suite of services,” he said. “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.”
Tanner highlighted the incubator’s role in supporting the establishment of MGA-based underwriting cells, enabling underwriters to concentrate on their core functions of underwriting and business development.
Paul Andrews (pictured), chief executive officer of PoloWorks and Polo Managing Agency, described the launch of Polo MGA as a significant milestone. “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,” he said. “Our aim is to not stop there - from June 2024, we will also be able to offer an offshore platform in Guernsey through Polo Insurance Managers (PIM). 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.”
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