Insurance solutions for the passenger transport and commuter industry.
UMAs are very similar to franchises in other industries – they are strictly described as agencies that act on behalf of a registered insurer or Lloyd’s agent using an outsourced model. UMAs are effectively “outsourced branches” of insurance companies that do all the work of an insurer. The UMA uses the capital of the insurance company and receives binding authority from the insurance company on whose behalf it underwrites. UMAs often have a specific focus in a niche or specialist class of insurance business. They are also called Managed General Agents (MGAs) in some overseas markets.