More than 20 years of presence in the London insurance and reinsurance markets has generated well-established relationships with Lloyd's leading Underwriters. This has enabled MAG specialists to receive 'Binding Authorities' by proxy, which allow the Coverholder to quote and issue policies directly - within agreed guidelines - without having to refer to the Underwriters.

These Binding Authorities apply to the main lines of business: Property, Personal Accident, Cargo, Yacht, Fine Art and Public Bodies.

Underwriting autonomy results in:

• Agreed terms and conditions;
• Agreed classifications and matrix programmes;
• Formulations tailored to the client's needs;
• Settlement authority (within agreed limits);
• Issuance of monthly paid and underwritten bordereaux.

The advantages of such autonomies are:

• Profit commission;
• Efficiency of administration costs;
• Lloyd's branded products;
• National exclusivity for product lines;
• Higher commission rates;
• Flexibility: most sectors can be used to underwrite 100%, either as a share of a higher risk or as reinsurance of a local company.

Prerequisites:

• Detailed level of portfolio information to be communicated to underwriters;
• Portfolio analysis;
• Claims history/claims-to-premium ratio;
• Suggested underwritings;
• Suggested proposal form;
• Suggested rates.