Incorporated Insurance Group Ltd is a newly formed MGA based just outside London. The business was the brain child of Mike Smith, who wanted to create a business that had traditional underwriting values at its core.
Mike Smith, the Chief Executive Officer, commented ‘We were looking for a name and Incorporated in the Cambridge Dictionary means ‘a group of people acting as one’ and I thought it made perfect sense for what we are trying to achieve. We have created a business without debt or private equity backers pushing us to ‘build and sell’ as the shareholding is housed in a Limited Liability Partnership that allows key members of the team to be partners and provides every member of staff to share in the profitability of the business.’
The senior team in place at the moment – Lyndsey Thompson, Dean Surridge and Jon Layton – bring with them a great deal of experience and market knowledge which has allowed IIGL to set up the operation. The new structure has been designed to allow other Underwriters to come on board as partners and bring with them their relationships and know-how. IIGL are backed by a number of ‘A’ rated insurer based both in the composite market and Lloyd’s.
IIGL has worked closely with QuoteMac to create a number of insurance products for its brokers. ‘When developing our proposition, we wanted to combine leading edge technology to ensure speedy broker service but didn’t want to lose our ability to underwrite in a traditional way through trading on individual quotes. The QuoteMac system has been a leading online solution for a number of years and allows us to achieve this. We have fourteen products up and running with a number of other products planned for launch throughout the year’ continued Mike Smith.
The business will start trading in February and are looking to work exclusively with Regional Brokers. Unique quotes will be provided to Key Brokers and some specialist products will only be available by geographic regions allowing brokers to have exclusive access to business in their area.