As a Managing General Agent (MGA), also called Managing General Underwriter (MGU) or Coverholder, Praeventus is authorized by a number of insurance companies and Managing Agents at Lloyd’s (the carriers) to conduct business on their behalf.
This so-called delegated authority extends to the evaluation of risks, underwriting of risks, fiscal representation, pricing, wordings, special conditions and binding of risks. All within the boundaries of the agreed “Binding Authority Agreement” or “Binder”, where the classes of business and specific guidelines are defined.
By providing a binding authority, the carriers benefit from Praeventus’ extensive expertise in the renewable energy industry. This allows them to tap in to this rapidly growing market without the expensive and lengthy process of developing “in-house” resources. At the same time Praeventus benefits from the financial strength, reputation and licenses of the carriers represented.