MGA- - advice requested

billham44 · 08-08-2007, 05:23 PM

This is my first post to this forum. Hello everyone. I am an independent agent working for an independent agency.
My manager is my brother. He wants to leave this agency and go out and be a MGA. I assume that would mean starting his own agency. He just started his research. What suggestions can you make to help us gather all the information to get this going… Thanks.

healthagent · 08-08-2007, 05:59 PM

Which line of insurance?

billham44 · 08-08-2007, 06:28 PM

Individual Life, Accident, Health. - Mostly Health.

healthagent · 08-09-2007, 06:20 AM

By the fact that he wants to be a MGA I'm assuming that he wants to hire. He'd need GA or MGA contracts so he can put agents under him. I don't know what state you're in but right off the bat Assurant, GR and World would give him contracts where he could hire.

However, all of them have production requirements before he would get to the top level enabling him to hire. Assurant is $100,000, GR is proof of 150 apps over the past 12 months and World wants a commitment of $250,000 to get a MGA deal.

billham44 · 08-10-2007, 02:34 PM

Thanks.
Someone had told my brother that it was $1 million for Assurant. Is it $100,000?

David C · 08-10-2007, 02:36 PM

100,000

healthagent · 08-10-2007, 03:22 PM

Golden Rule is the one to watch out for. You must go direct to get a Key Broker contact and if hiring is your goal even if you don't have 150 case on the books still go direct and pick up the Key Broker contact when you qualify. Do not sign up under a Key Broker since they do not have to, and probably will not release you.