MGA on the opportunity to support brokers who haven’t seen a hard market
Woensdregt added that it is the MGAs that have been smart about maintaining underwriting integrity and standards, while putting profitable growth into their carriers and London syndicates that are the most successful. And Lions Gate Underwriting is as successful as they come.
Read more: 5-Star MGAs 2022
LGU is one of Insurance Business Canada’s 5-Star MGA winners for 2022. In addition to bagging the overall award, LGU was also recognized under the categories for pricing; technical expertise and product knowledge; ability to place niche or emerging risks; range of products; overall responsiveness; reputation; marketing support; technology/automation; and geographical reach. And as if it was not enough to claim the title of “5-Star MGA,” LGU also won IBC’s 5-Star Construction award for this year, as well.
Read more: IBC 2022 5-Star Construction – Lions Gate Underwriting
According to a survey by IBC, brokers select MGAs based on four criteria: responsiveness, pricing, ability to place niche risks, and product range. LGU has all four down pat, says Woensdregt.
“These findings align with our business strategies,” the managing director said. “We built Lions Gate up over the last seven years with this combination of building efficiency and building technology while allowing for scalability and without losing an eye for human capital or the underwriter who truly understands risk.”
And the MGA’s results speak for themselves. LGU is set to achieve 30% year-over-year growth in gross written premium (GWP). Woensdregt explains that culture is a very big factor in why the MGA is as successful as it is.
“We really stress the value of owning and knowing your portfolio and operating almost as a little entrepreneur within your book of business,” she said, adding that dedicated staff and LGU’s drive to maintain market relationships without losing contracts are also major factors.
