PoloWorks launches MGA incubator

Lloyd’s and London Market insurance services business PoloWorks has launched a new MGA incubator.

Polo MGA provides services to both start-up 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, said the firm.

As well as acting as the MGA’s principal, Polo MGA said it 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.

Clients who need a more specialised 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.

“This is an exciting addition to the PoloWorks suite of services,” said Adam Tanner, head of Polo MGA. “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. 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. I look forward to working alongside the wider PoloWorks team in the MGA space.”

Paul Andrews, chief executive officer of PoloWorks and Polo Managing Agency, said: “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. 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. 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.”