A Managing General Agent acts as an extension of the insurance carrier, with authority to underwrite, price, bind, and administer policies for specific lines of business. Within the collateral protection space, MGAs also leverage proprietary technology to create maximum benefits for lending clients - managing the program from placement through claims.
A General Agent plays a different, complementary role, centered on marketing and distribution. Many of our lending clients have a local General Agent that may serve on their Board of Directors and/or have a business relationship with that financial institution. While a General Agent may coordinate other coverage placements, they need a Managing General Agency that has the technology, insurance capabilities, and knowledge of regulatory requirements to create a successful collateral protection program.
We recognize that local relationships matter. That's why Lee & Mason maintains a select network of General Agency partners so clients can preserve those relationships while still accessing best-in-class program capabilities.
Why Lee & Mason's MGA Structure Matters
Because of Lee & Mason’s authority as a Managing General Agency, our clients benefit from a level of direct control and accountability that a General Agency model isn't structured to provide on its own.
1. Underwriting Authority and Market Access
Lee & Mason is entrusted by our carrier partners to underwrite coverage on their behalf. We are a Coverholder at Lloyd's and represent several domestic "A"-rated carriers, allowing us to:
• Underwrite risks internally, reducing delays and handoffs.
• Explore multiple options for each client, optimizing cost and coverage.
• Provide unique insights and craft custom, blended programs.
These benefits ensure faster turnaround and better outcomes for our clients.
2. Technology and Operational Support Built In-House
Our MGA model supports long-term investment in proprietary technology and internal expertise.
• Clients utilize Lee & Mason–developed platforms, including Intrex
• Systems are created, and services are performed by our in-house development team, not outsourced third parties
• Ongoing improvements to security and functionality
This ensures our technology delivers as much value as our insurance expertise.
3. Claims Handling with Oversight and Advocacy
Claims are the entire reason a financial institution buys collateral protection insurance. When you trust Lee & Mason, we believe it’s imperative that the claims are submitted to us rather than simply providing a carrier contact email. Lee & Mason’s Claims department will:
• Handle claims from start to finish as permitted by our carriers
• Assign and coordinate adjusters and Skip tracing
• Reconcile estimates and issue settlement payments directly
• Review coverage determinations before they are finalized
This involvement provides added transparency, consistency, and advocacy for our financial institution clients.
Our General Agency Network
Operating as an MGA doesn't mean we work in isolation. While Lee & Mason does have direct relationships with many of our clients, we do also maintain an active network of General Agency partners who:
• Write other lines of coverage for banks and credit unions.
• Have great insurance expertise but need help navigating the collateral protection niche and applying these coverages to the daily servicing processes and workflows within the bank or credit union.
• Do not possess the technological resources their FI clients need.
In practice, this means clients can keep a local agency relationship while gaining access to best-in-class lender-placed, blanket, and insurance tracking solutions.
The Bottom Line
As a Managing General Agent, Lee & Mason underwrites, administers, and supports insurance programs from start to finish. We move faster, provide greater expertise, and deliver superior outcomes for our clients that, when desired, include select General Agencies.
The next time you are considering a change in your collateral protection insurance source, it is important to know what parts are actually handled by the company you are considering and which they rely on others to actually fulfill.
