In the insurance industry, long-term relationships breed success. For most MGA/MGU’s in the program space, the average lifespan of a relationship with a carrier partner is around 5 years. However, we are proud to say that this year, Midwestern Insurance Alliance is celebrating our 25-year relationship with our carrier partner QBE.
25 years ago, Midwestern Insurance Alliance was a self-insured workers compensation program operating in Kentucky with $16 million in premium. Due to changes in the market, we were looking for a carrier partner to work with us and provide the opportunity to grow outside of Kentucky. On July 1 of 1996 we rolled the policyholders to what is now Praetorian Insurance Company. This was the start to our relationship with QBE. In 2012 we merged with K2 Insurance Services. At this time Midwestern had grown to a regional workers compensation program operating in 5 states. K2 provided the resources we needed for further expansion. Our goal was to build a national workers compensation platform. With K2 and QBE’s assistance, today Midwestern is national workers compensation program and has expanded the product line to include Occupational Accident Insurance, which has allowed us to better serve our producers and customers.
Long-term relationships like the one that Midwestern has enjoyed with QBE for the past 25 years is so uncommon that it grabbed the attention of Insurance Business magazine. They wanted to know our secret sauce and to dive into the broader topic of program business – why program business is an ideal strategy, what makes a successful MGA partnership, and how these partnerships can blossom into a mutually rewarding business venture.
We invite you to watch a video roundtable discussion, with key players from Midwestern Insurance Alliance, K2 Insurance Services, and QBE.