Back in 1998, most insurers were not enthralled with writing program business. With the new soft market of today, however, insurers are eager to get into the program market. A decade ago, managing general agents in the program market tended to focus on a particular industry or industry segment. Today, MGAs are looking for new program opportunities. For MGAs today in the new soft market, the key marketing strategy is diversification, says Doug Bennett, SVP of Benfield Inc's, MGA specialty practice team. His company, Bennett emphasizes, is highly selective in choosing MGAs. In choosing an MGA, their approach is about nurturing quality rather quantity, he explains. Their focus is as much about assisting existing customers to build their businesses as it is about adding new customers to their portfolio. MGAs should adopt strategies that protect their underwriting profitability, while retaining the high standards they currently enjoy.
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