A new platform designed to connect MGA’s with capacity providers for program business has been launched today.
Capacity Place is the brainchild of Marco Del Carlo and is designed to bring markets together in the program space.
The platform works by allowing capacity seekers, to create listings for their programs, while capacity providers have the ability to search and view program listings and are recommended programs based on their risk appetite preferences. When a Capacity Provider is interested in a program, this initiates discussions between the parties which are then supported through capacity place.
Mr Del Carlo said Capacity Place is initially targeted at MGAs, program administrators, Insurtechs, management teams, wholesale brokers, binder brokers, insurers and Lloyd’s underwriters for transacting binders, prior submit facilities, line slips and master policies. There are currently no fees for joining, membership, listing, continued use or technical support. Capacity Place will finance itself by charging an introducer’s commission upon successful placement similar to consumer marketplaces.
Mr Del Carlo explained: “Many companies seeking capacity for their insurance programs are struggling with knowing which risk carriers to approach, how to approach them, what information is needed and how can they safeguard their commercially-sensitive information. At the same time, many risk carriers are struggling to gain access to new program opportunities which fit their risk appetite and then often face significant challenges evaluating and concluding opportunities due to a myriad of factors. In response, we created Capacity Place to make it easier for all insurance professionals to find relevant trading partners and place programs faster.”
For the delegated authority segment of the market, Capacity Place said the aim is to simplify complex program placement chains, reduce the number of back-and-forth information requests, shorten placement timeframes and reduce wholesale placement costs.