New MGA incubator launched

PoloWorks has launched a new managing general agent (MGA) incubator.

Called Polo MGA, the initiative is targeted at both startup and established MGAs and will look to help them with either their formation or growth.

Services include credit control, finance support, regulatory reporting, internal broker support and transaction management.

Polo MGA will be headed up by Adam Tanner, who said this offering was 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,” he added.

“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.”

Specialised service

Polo MGA’s incubator clients who need a more specialised service will also have access to insurance services offered within PoloWorks’ other divisions, including actuarial, claims services and risk and exposure management.

Some firms may also be supplemented by investment from PoloWorks if the business proposition fits its investment appetite.

Paul Andrews, chief executive of PoloWorks and Polo Managing Agency, said: “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.

“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.”