0370 270 6000

already registered?

Please sign in with your existing account details.

need to register?

Register to access exclusive content, sign up to receive our updates and personalise your experience on brownejacobson.com.

Privacy statement - Terms and conditions

establishing a managing general agent

20 July 2018

Starting any new business, or expanding an existing one, can be a daunting experience. We recognise that a variety of issues need to be considered in order to ensure that any enterprise is established on a solid foundation. Browne Jacobson’s insurance expertise has been developed to support managing general agents (MGAs) and we have worked with well-established and startup businesses.

The ways in which we have supported MGAs include:

  • Corporate documentation - Our commercial team can produce shareholders agreements, Articles of Association and other documentation to reflect your intentions for the business. We also offer corporate registered address and secretarial services.
  • Banking and corporate finance - Our banking team can provide advice on funding arrangements and ensure that the corporate vehicle is presented effectively to secure external funding.
  • Protection of brand and intellectual property - Your brand is likely to be your main marketing tool. Our intellectual property team will ensure that your brand is adequately registered and protected along with any innovative products, computer code or wordings that you produce.
  • Terms of Business Agreements (TOBAs) - We regularly advise on the drafting of TOBAs and ensure that they reflect what the parties intend, whilst ensuring that they comply with any regulatory requirements.
  • Tax advice - A number of tax reliefs are available to encourage investment in small businesses to potentially reduce a future tax exposure on any sale or disposal of the entity. In order to benefit from these reliefs, it is important to ensure that the business is set up in the correct way from the outset. Our tax team can provide you with advice on these reliefs and how to ensure your business secures them.
  • Employment and directors’ appointments - Our employment team can provide advice to you on the latest employment rules and regulations and assist in the drafting of employment contracts, consultancy and directors’ appointments.
  • Product development and policy wordings - We frequently work on new insurance products and have an experienced and dedicated policy wordings team that can draft wordings specific to your needs and requirements. Our insurance team can also assist with the drafting of IPIDs and marketing material to ensure that they are accurate and comply with the regulatory requirements.
  • Engagement of a software company - Our commercial team can advise you on the various issues to consider when negotiating a software solution for your business.
  • Disputes - We can assist if any problems develop with capacity providers or where authority has been re-delegated. We are experienced in assisting MGAs to resolve disputes and recognise the importance of maintaining a working relationship with the other party during any resolution process.

To benefit from tax reliefs, it is important that the business is set up in the correct way from the outset.

focus on...

Legal updates

Legal and regulatory monthly update - September 2019

The latest update covering delegated authority, insurance product development, the senior insurance managers regime, data protection, operational control frameworks, Lloyds market, and horizon scanning.

View

Legal updates

The disappearance of LIBOR

Companies should undertake a comprehensive review and audit to identify those products and legacy contracts that are LIBOR-linked and carry out an in-depth risk assessment of discontinuation. Where possible, companies should look at appointing an individual to oversee the programme.

View

Legal updates

Manchester Building Society v Grant Thornton UK LLP - the 'SAAMCo' principle

The Court of Appeal has set out six steps to be considered when applying the ‘SAAMCo’ scope of duty principle in auditors’ negligence cases.

View

Legal updates

W&I insurance and sell-side due diligence

The purpose of this note is to highlight the difficulties with vendor due diligence in the context of W&I insurance.

View