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. Dan Lott, the chief executive of Certa Specialty, emphasizes the firm's role in simplifying the process for MGA management teams, allowing them 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.
AD
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 delegated authority lifecycle. This partnership with Markel International is expected to strengthen market DA strategies and oversight frameworks, potentially leading to improved underwriting and product development. The move reflects a broader trend in the insurance industry towards tailored consultancy services that address specific market needs, which could lead to increased competitiveness and innovation within the sector.
What's Next?
Certa Specialty is expected to continue building its brand of high-quality technical expertise and top talent, as noted by Ed Beckwith, chief executive at Certa Insurance Partners. The consultancy will focus on servicing the specialty insurance market, which presents significant opportunities for growth. As managing agents face pressure to deliver future-ready oversight frameworks, Certa Specialty's role in simplifying these processes will be crucial. The partnership with Markel International may lead to further collaborations and expansions in the consultancy's offerings, potentially influencing the broader insurance market's approach to delegated authority management.
