New Motor Insurance MGA

Ambant provide management and regulatory expertise to facilitate launch of new motor insurance MGA

Ambant breaks new ground, solves problems, gets results…

BACKGROUND
Following an analysis of market conditions existing at the time, a client of Ambant became aware of the potential opportunities within the commercial motor sector. They recognised an opportunity to launch an MGA in this space and asked Ambant to manage the back office of this new entity and to provide the regulatory management and oversight that an entity of this nature would require.

CHALLENGES
Ambant had to ensure that the evolution of the embryonic MGA progressed in the way that would be expected of the regulators. Guidance would need to be provided to the client to ensure that all regulatory requirements were met whilst at the same time all draft documentation, policies and procedures would need to be reviewed by Ambant in order to confirm that these met the expectations of the regulators.

PROCESS
Ambant attended weekly meetings hosted by the client where they could be asked for their input and were given the opportunity to drive the progress of the fledgling MGA towards an introduction to live business once the necessary infrastructure was in place.

Due diligence was undertaken by Ambant prior to the entity being approved as an appointed representative and regulatory approval was sought and gained for the senior management of the company. Various process documents were constructed and reviewed to ensure that all back office systems and procedures were in place to allow the company to function effectively once they started to trade.

RESULTS
The MGA started trading in early July 2013. Ambant delivered on its promise of providing the regulatory oversight required to launch the company. Ambant continues to provide the regulatory oversight and back office support function of the entity as it continues to write new business and grow into new markets. Ambant will continue to assist with the growth of the company by working in partnership with the MGA to bring new business opportunities through their symbiotic relationship.

For further information contact Steven Crabb email: steven.crabb@ambant.com or call Steven on +44(0) 207 264 0800