Former CEO Creates MGA to Focus on E&S
According to Insurance Business, Richard H. Smith, the former Chief Executive Officer and President of First Mercury Financial Corporation, is creating a new managing general agent (MGA), WestCongress Insurance Services.
The new company has partnered with Lloyd’s of London, and will act as a coverholder for the insurance giant. This means that WestCongress Insurance Services acts as an agent of record for its clients, and also acts on behalf of Lloyd’s syndicate underwriters.
Yahoo Finance reported that the MGA will focus on the excess and surplus lines industry, and will emphasize “niche and underserved segments” in the market.