If you are a program manager, please see our guidelines for new programs. We are always willing to investigate new business, provided it meets our “controlled, seasoned niche” guidelines.
NYMAGIC®, through its MGA subsidiary MMO®, currently writes over $100 million in premium on behalf of select program managers and continues to look for new opportunities.
In evaluating new program proposals, we look for controlled, seasoned, and niche books of business.
- A controlled book is an existing book of business or one which the program manager can quickly develop based upon experience and an industry following.
- A seasoned book means that the program manager can demonstrate through either its own or credible industry statistics that the program is likely to make money at the proposed rates and policy terms.
- A niche book is one where the program manager brings a value-added, including the ability to achieve superior risk selection or the ability to produce superior loss results through risk management or loss control services.
While none of the following are critical to the program selection process, secondary considerations are:
- Is the program written in accordance with objective rating and risk evaluation criteria so that an audit can readily confirm that the program manager is adhering to the underwriting guidelines?
- Are our interests aligned so that the program manager’s compensation is tied to the underwriting results?
- Will the business be written on a surplus lines basis?
- If it is a liability book, can the business be written on a claims-made basis?
- Is reinsurance available?
If you are a program manager or represent one and feel that you have a program that would meet these criteria, we encourage you to contact us through the form below.