Delegated authority arrangements - what problems can arise for insurers?
Binding authority agreements, where managing general agents and other coverholders are authorised to underwrite on behalf of insurers, have been increasingly popular in recent years as insurers seek more diverse routes to premium income. With this increase in popularity, Andrew Schütte, partner at Keoghs, looks at why it poses a challenge for insurers.
In the heat of a deal, it is easy to overlook the importance of getting a binding authority agreement right. That oversight can be costly – but there are way to avoid an agreement turning into a
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Commercial
Quarterly weather damage claims payouts hit record £200m
In the first quarter of this year, claims for weather-related damage to people’s homes and possessions topped £200m for the first time ever, according to data from the Association of British Insurers.
Big Interview: Drazen Jaksic, Zurich UK
Drazen Jaksic, CEO of Zurich UK, is ambitious and likes a challenge, but he won’t be slashing the price of the provider’s general insurance policies anytime soon to swiftly grow the business.
Zurich CEO outlines plan to compete on value rather than price
Drazen Jaksic, CEO of Zurich UK, has shared he won’t be slashing the price of the provider’s general insurance policies anytime soon in a bid to swiftly grow the business.
Throwback Thursday: Lloyd’s looks to Tower Hamlets; Budget blow
Insurance Post’s Throwback Thursday steps back in time to May 1990 to remind you what was going on this week in insurance history: Lloyd’s was looking to Tower Hamlets and the sector was horrified by one of the worst ever years for natural catastrophe losses.
Carbon Underwriting CEO retires due to MS
Carbon Underwriting co-founder and CEO Nick Tye is retiring from the business following a diagnosis of progressive multiple sclerosis.
Norgrove reveals timeline for RSA rebrand to Intact
RSA CEO Ken Norgrove has told Post that the insurer’s rebrand to Intact will go live in October, and that the idea to rechristen the business came from him, not Toronto.
MGA boss warns over sliding scale commission deals
The use of sliding scale commission arrangements in the managing general agent space could have the same disruptive impact on the fleet and commercial vehicle market as past withdrawals of unrated capacity.
Diary of an Insurer: QBE’s Janine Bowler
Janine Bowler, senior account manager at QBE, enjoys cups of tea, sometimes a biscuit, a few laughs and plenty of trading with brokers while also squeezing in horse riding, rousing her son and looking forward to lighter nights for BBQs with friends.