Spotlight, continued Continued From Page 12
Over the past two decades, AGU’s revenue has evolved to focus on more specialized lines. For this reason, Wyss sees Coverholder status for AGU as a way to react more quickly and innovatively to the market with new products that accommodate their specialty health “We position our company as an lines. extension of our carrier partners,” Wyss says. “We are the ‘extra hands’ “We are open to and interested in that can help an underwriter enter start-up programs and small blocks or expand in a niche U.S. market of existing business,” Wyss says. “Our and products without the necessity long history and many contacts still of deploying their own resources. In pay dividends for us today, making short, we are a classic outsource play AGU a recognized ‘go-to’ resource for underwriters who are comfortable for associations, brokers and carriers with that kind of relationship.” looking to evaluate and develop new products.” AGU has been consistently profitable and has never failed to make an annual Here, it is most evident where underwriting profit for its carrier Coverholder status can help AGU. partners. “We align our interests By looking to establish smaller with the carrier through a profitprograms in their market, Lloyd’s sharing arrangement. This approach of London, the ensures that most established we’re on the insurance market underwriting in the world and team and not known for their a broker or ability to take on part of the specialty risks, distribution is more likely to chain,” Wyss be a compatible says. underwriting partner for AGU. One tactic AGU uses as a C u r r e n t l y, differentiator AGU is being is simply Stephen Wyss & AGU Staff guided through picking up the the process of phone. “No automated attendant becoming a Coverholder by a during regular business hours,” Wyss broker partner of CHART. “There says, “Talking to a real person is is quite a rigorous due diligence important to us and is appreciated process involved,” Wyss adds, before by our clients.” saying, “But we have encountered
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similarly-detailed reviews before appointment with large, national U.S. carriers.” The CHART Exchange has provided AGU with meaningful connections and resources that have made “tribunalization”, the screening process required before doing business with Lloyds, less daunting.
AGU Headquarters Glenn Allen, VA
After a successful experience at the CHART Exchange’s 2015 October event, AGU looks forward to doing more business through CHART. Wyss describes last year’s event as ‘excellent’ and cites the numerous personal interactions as the highlight along with the wellorganized structure of the meetings. Wyss and AGU will attend the 2016 CHART Exchange event in Baltimore, MD on October 3-5th. “We are excited about the prospects and hope that CHART will be the gateway to building a significant new pillar for our business.”, says Wyss. “We hope to be able to partner not only with Lloyd’s underwriters but also with other Coverholders here in the United States. We could offer A&H products to their clients and, in turn, perhaps add some of their P&C products for our groups.” That’s the “interdependence” that CHART is all about. http://www.agu.net APRIL/MAY 2016
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