The difficulties of launching an MGA in the middle of a pandemic

Watch now: “Hard decisions” ahead for healthcare and life sciences companies – Signal Underwriting CEO

“It was – in one word – stressful,” the chief executive said. “I think launching a business at any given time is a daunting task. Doing it during a pandemic just added more to that.”

Blair-Johns commented that for a new MGA business, there are certain things you want to do, like take in-person meetings or hunting for capacity. These things were made even more difficult due to the pandemic restrictions in place. Virtual meetings and transactions have also become an unavoidable part of the businesses, the leader mentioned.

Yet despite these difficulties, Blair-Johns is proud of the significant work Signal Underwriting has accomplished.

“We’re very proud of the fact that we were actually able to launch and bring brand-new capacity for healthcare entities into the Canadian market.”

Signal’s journey towards becoming a Lloyd’s coverholder was equally challenging as well, the chief executive said, but not without merit.

“I think it would mirror a lot of other people’s [experiences]; there was a lot of paperwork, there’s a lot of compliance. Which is wonderful because I think it’s a great badge of honour to be able to say you’re a coverholder with Lloyd’s – even when you’re talking to a domestic insurance company, you can say you’re a Lloyd’s coverholder. They know the amount of rigour that you’ve been through already.”

The coverholder status felt like a real approval of Signal’s business idea, Blair-Johns said, “that someone was willing to back [the company].” And all without having a prior book of business, no less.

Watch now: “Hard decisions” ahead for healthcare and life sciences companies – Signal Underwriting CEO