What's Happening?
Markel International has partnered with Certa Specialty to launch a new boutique consultancy aimed at providing niche expertise to managing agents and coverholders in the specialty insurance market. The consultancy, named Certa Specialty, offers tailored support across the delegated authority lifecycle, including oversight frameworks, MGA buildouts, branded capacity management, DA compliance, and bespoke binding authority agreement drafting. Led by Chief Executive Dan Lott, Certa Specialty aims to simplify the process of launching or scaling an MGA, allowing management teams to focus on underwriting and product development. This initiative follows Markel's acquisition of a 49% stake in Certa Insurance Partners and TLI Certa Europe GmbH in October 2023.
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Why It's Important?
The launch of Certa Specialty is significant for the specialty insurance market, which is rapidly growing and complex. By providing specialized consultancy services, Certa Specialty aims to enhance the efficiency and effectiveness of managing agents and coverholders, helping them navigate the complexities of the market. This partnership with Markel International underscores the importance of developing future-ready oversight frameworks and building programs that work efficiently for carriers and coverholders. The initiative is expected to strengthen the technical expertise and talent within the Certa family, offering substantial opportunities for growth and development in the specialty insurance sector.
What's Next?
Certa Specialty will focus on implementing its market DA strategy in collaboration with Markel International. The consultancy aims to build confidence within MGA management teams and provide the foundations for long-term success. As the specialty insurance market continues to evolve, Certa Specialty's role in simplifying the journey for managing agents and coverholders will be crucial. The partnership is likely to attract more stakeholders seeking to leverage the consultancy's expertise in building efficient and effective insurance programs.
Beyond the Headlines
The launch of Certa Specialty highlights the growing demand for specialized consultancy services in the insurance industry. As managing agents face increasing pressure to deliver proportionate oversight frameworks, the role of niche consultancies like Certa Specialty becomes more critical. This development may lead to a shift in how insurance companies approach delegated authority management, emphasizing the need for tailored solutions and expert guidance.
