MGA vs. Insurance Broker: Who’s Who in The Insurance World
With the recent update regarding Stratford Underwriting, you may have come across the term MGA (Managing General Agent) and wondered—what’s the difference between an MGA and an insurance broker?
At Stratis Insurance, we believe insurance should be simple, not confusing. So, let’s break it down in a way that actually makes sense!
What is an MGA?
Think of an MGA as the middle ground between insurance companies and brokers—kind of like the backstage crew that makes sure the show runs smoothly. MGAs have special authority from insurers to issue policies, handle claims, and assess risks. They typically specialize in specific types of coverage, like commercial or specialty insurance.
What an MGA does:
- Underwrites and issues policies on behalf of insurance companies
- Manages claims and evaluates risks
- Offers specialized insurance coverage that traditional insurers might not provide
In Stratford Underwriting’s case, they operated as an MGA, managing optional auto insurance policies on behalf of insurers. Now that Stratford is winding down, those policies are being managed directly by the insurance companies instead.
What is an Insurance Broker?
An insurance broker (like us!) is your personal insurance expert. We don’t issue policies or handle claims directly. Instead, we help you find the best coverage by shopping around and comparing options from multiple insurers. Think of us as your trusted insurance matchmaker—making sure you get coverage that fits your needs and budget.
What an insurance broker does:
- Provides expert advice on different insurance products
- Compares coverage from multiple insurers to get the best fit for you
- Assists with policy renewals, updates, and changes
- Advocates for you during the claims process
At Stratis Insurance, we continue to be your go-to broker, guiding you through policy updates, renewals, and claims so you always have the right coverage at the right time.
Why This Happened & What Does This Mean for You?
Insurance companies sometimes change the way they operate, and that’s exactly what happened here. Stratford Underwriting, the Managing General Agent (MGA), is winding down, which means policies they previously managed are now being handled directly by the insurance companies.
So, what does this mean for you?
- Your coverage remains unchanged – There’s no interruption in your policy.
- Claims & support are now handled by your insurer – You’ll contact them directly for assistance.
- Stratis Insurance is still here for you – As your broker, we’ll continue providing expert advice, coverage reviews, and support whenever you need it.
This is exactly why having an insurance broker like Stratis Insurance matters—when things shift behind the scenes, we’re here to help you navigate the changes smoothly and ensure your coverage continues to protect what matters most.
📩 Have questions? Need a policy review? Reach out to us—we’re happy to help!
Contact Information for Claims & Policy Support:
📌 Policies effective on or before May 31, 2024
📍 Everest Insurance Company of Canada
📧 [email protected]
📞 Urgent/After Hours: (888) 235-8784
📌 Policies effective on or after June 1, 2024
📍 Four Points Insurance Company Ltd.
📞 877.896.0113
📧 [email protected]
🌐 Submit a Claim
Need Assistance? We’re Here to Help!
At Stratis Insurance Agency, we’re committed to making insurance simple, seamless, and stress-free. If you have any questions or need personalized advice, we’re just a call or email away.