Our Role

Praeventus operates as a Managing General Agent (MGA)—also known as a Managing General Underwriter (MGU) or Coverholder—authorized by various insurance companies and Lloyd’s Managing Agents (the carriers) to act on their behalf.

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This delegated authority enables Praeventus to perform key underwriting functions, including risk evaluation, pricing, policy wording, application of special conditions, fiscal representation, and binding of risks. These activities are governed by a formal “Binding Authority Agreement” or “Binder,” which outlines the specific business classes and underwriting guidelines.

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By granting binding authority, carriers leverage Praeventus’ deep expertise in the renewable energy sector, allowing them to access this fast-growing market without the cost and delay of building internal capabilities. In turn, Praeventus benefits from the carriers’ financial strength, global reputation, and regulatory licenses—creating a mutually advantageous partnership.