PoloWorks Launches Managing General Agent Incubator

PoloWorks, a Lloyd’s and London Market insurance services business, announced the launch of Polo MGA – a managing general agent (MGA) incubator.

This new offering provides services to both startup and established MGAs ranging from support with their formation to help with their growth, in some cases supplemented by investment from PoloWorks where the business proposition fits Polo’s investment appetite.

As well as acting as the MGA’s principal, Polo MGA offers the full range of services needed to incubate an MGA including credit control, finance support and regulatory reporting, along with internal broker support and transaction management.

Polo MGA’s incubator clients who need a more specialized service will also have access to the full suite of insurance services offered within PoloWorks’ other divisions, including actuarial, claims services, and risk & exposure management. PoloWorks currently fields over 350 specialist matter experts based in its London and Cheltenham service hubs. (The company is registered in Guernsey).

“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,” commented Adam Tanner, head of Polo MGA, in a statement.

“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,” he added.

“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,” according to Paul Andrews, chief executive officer of PoloWorks and 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,” Andrews said.

PoloWorks is owned by Marco Capital, a property/casualty legacy solutions consolidator. PoloWorks is made up of four divisions:

• Polo Commercial Insurance Services (PCIS) provides specialist, outsourced services to around 40% of operators within Lloyd’s and the London Market;
• Polo Managing Agency (PMA) is an independent turnkey Lloyd’s managing agency which offers a full suite of services for all stages of a syndicate’s life cycle;
• Polo Insurance Managers (PIM) is an independent insurance manager active in Europe, which serves captive, commercial and ILS clients, and
• PoloPartners is a joint venture with PwC UK, which provides insurance management services, including actuarial, claims management, risk and compliance, and finance.

Source: PoloWorks

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