Job Description

President - Managing General Agency (MGA)

Job Summary

Seeking a dynamic and experienced professional to take on the role of President for a newly established Managing General Agency (MGA) specializing in the Homeowner and Flood Insurance markets. This is a unique opportunity for a motivated individual to lead the development and growth of a well-funded organization from the ground up. The ideal candidate will have a proven track record in MGA operations, a deep understanding of the insurance industry, and the ability to drive the company towards long-term success. This role offers the opportunity to earn equity in the company, fostering a long-term commitment to its growth and success.

Compensation Package

• Competitive salary commensurate with experience.
• Equity participation in the company, offering a stake in its long-term success.
• Comprehensive benefits package.
• Opportunity to work with a team of experienced professionals, including external legal counsel and a fractional CFO.

Responsibilities

The President will be responsible for establishing and managing the operational, financial, and compliance infrastructure of the MGA. Key responsibilities include:

• Set up and manage core financial systems, including payroll, tax compliance, bookkeeping, and financial tracking.
• Establish and maintain compliant trust/fiduciary bank accounts for premium funds.
• Implement corporate expense and card management systems.
• Oversee monthly financial reconciliations and carrier remittance processes.
• Coordinate with legal counsel to secure necessary MGA and agency state licenses.
• Establish compliance procedures, including Anti-Money Laundering (AML) policies and premium handling guidelines.
• Manage carrier reporting, audit protocols, and affiliate agent licensing.
• Maintain accurate investor records and ensure alignment with executed agreements.
• Manage equity and corporate structure records.
• Prepare and distribute shareholder communications.
• Develop and secure carrier approval for underwriting guidelines, policy forms, and rating structures.
• Configure and test pricing, rating logic, and underwriting rules within the MGA operating system.
• Evaluate and implement an MGA operating platform and other core communication tools.
• Establish data security and privacy policies.
• Recruit and onboard key operational roles, including underwriting, accounting, and customer service staff.
• Develop an employee handbook and establish role definitions and process documentation.
• Obtain and manage Errors & Omissions (E&O) and Cyber Liability insurance coverage.
• Oversee the development and launch of the company website.
• Provide regular progress updates and maintain a master tracking document for all active workstreams.

Qualifications/Requirements

• Proven experience in establishing and managing a Managing General Agency (MGA), with a focus on Homeowner and Flood Insurance markets.
• Strong operational, financial, and compliance management skills.
• Demonstrated ability to develop underwriting guidelines, policy forms, and rating structures.
• Experience with MGA operating platforms and related technology systems.
• Knowledge of licensing, compliance, and regulatory requirements for MGAs.
• Exceptional leadership and team development skills.
• Strong communication and organizational abilities.
• A commitment to long-term growth and success, with a willingness to invest in the company’s future.

Disclaimer: Please note that this job description may not cover all duties, responsibilities, or aspects of the role, and it is subject to modification at the employer's discretion. 

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