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.
- 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.