Holmes Murphy introduces new insurance MGA
Holmes Murphy introduces new insurance MGA | Insurance Business America
Insurance News
Holmes Murphy introduces new insurance MGA
It promises to help businesses control costs
Insurance News
By
Jonalyn Cueto
Holmes Murphy, an employee-owned insurance brokerage, has announced the launch of its new managing general agent (MGA), Innovative Program Solutions (IPS). The new company is designed to create specialized insurance programs to reduce costs and loss ratios for businesses in various industries through customized solutions and a team of industry veterans.
Tim Anders, who has over 35 years of experience in underwriting and insurance program management, will lead IPS as its president. Anders previously worked with insurance companies such as Ryan Specialty, Breckenridge Insurance, Zurich, and Atlantic Mutual. Holmes Murphy noted Anders’ experience in designing and implementing insurance programs aligns with its vision to drive innovation and offer bespoke insurance solutions to clients.
“Innovative isn’t just in our name — it’s in our nature,” said Anders. “Our team and our extensive network of insurance and industry experts are committed to creating best-in-class programs for our broker and carrier partners, driving down costs, and providing expertise you won’t find anywhere else.”
Programs for specific business needs
IPS aims to collaborate with insurance carriers and brokers to create programs that address specific business needs. It aims to develop solutions that will help businesses in reducing expenses and loss ratios. Holmes Murphy highlighted the importance of focusing on a range of targeted growth areas to offer broker partners new opportunities and access to the latest technology and tools.
“Program business is an industry that produces more than $80 billion in premiums every year, most of which is written by Target Markets members,” said Anders. “Carriers have increasingly looked to MGAs, like IPS, to provide expertise, innovation, and effective underwriting approaches in specific lines of business, helping them to grow and enter new markets. We believe by launching IPS, we’ll be able to tailor unique insurance solutions for our clients’ needs through closer partnerships with their carrier partners and positively influence their impact on evaluation and management of risk.”
Tom Stewart, president of the PLUS division of Holmes Murphy, noted the importance of customization and the resources available through IPS. “We will help to ensure every program is tailored to each business by providing dedicated resources while working to manage costs,” Stewart said.
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