With Munich Re (GrovesJohnWestrup) and Allianz (Home & Legacy) putting mid- and high-net-worth MGAs into run-off in the last 18 months, is this distribution model failing to connect with these customers? Ed Murray explores these developments and others in the upmarket personal property sector.
To say it’s high noon in the high-net-worth market might be verging on hyperbole, but the sector has certainly seen significant upheaval in recent times.
Here we explore some of the changes among managing general agents (MGA) operating in the sector, and how the delegated authority model stacks up from a broking perspective against the composite insurers.
Market moves
First, let’s look at some of the recent changes we’ve seen in the high-net-worth space. In July, Munich Re put its HNW MGA
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