Darren Galloway: Broker service key for newly launched MGA

Newly launched MGA Elmlake Underwriting will focus on bringing together “traditional” in-person underwriting and service with a “modern spin”, according to Darren Galloway, the firm’s managing director.

Elmlake Underwriting was launched by Galloway and director Kevin Fell just before Christmas, with the MGA going live to the market on 23 December 2024.

The firm, which is currently targeting micro and small and medium-sized businesses, offers a range of products for financial lines clients, including professional indemnity (PI), employers’ liability and public and products liability.

Galloway tells Insurance Times that he is focused on organic growth for the time being, primarily aiming to “get the name out there” of the new business and partner with as many brokers as possible.

“We’re signing up new people on a daily basis and being approached on a daily basis as word gets out and people become aware of us,” he says.

“[We want to] get the name out there and show people what we can offer in terms of service, access to underwriters, decision-making and competitiveness.

“As people come across us, hopefully they’ll be wanting to do business with us.

”We’re trying to bring together traditional underwriting, traditional service [and] access to highly experienced and knowledgeable underwriters, but with a modern spin as well.”

Broker portal

For Galloway, this “modern spin” comes in the form of Elmlake Underwriting’s broker portal – this is still being developed, but is set to be launched soon.

Furthermore, brokers can expect flexibility when placing risks for trades – this is Galloway’s response to concerns, especially in relation to microbusinesses, that risks can get ”pigeonholed”.

He explains: “We don’t want brokers to have a concern that they have to pick a specific trade and not be able to deviate around that a little bit.

“The trades are quite general and quite wide and we want both brokers and their clients to be comfortable that we do fully understand exactly what they are doing and that we have underwritten it correctly.”

Galloway also notes that timely responses to referrals are key, highlighting that brokers have faced historic service problems across the industry.

For example, in October 2023, broking trade association Biba said that commercial brokers had become frustrated by a “widening gap” between the best and worst performing insurers when it comes to service.

Galloway says his firm is aiming to deal with referrals “within hours, not within days”.

He continues: “Once something does trigger a referral, or it needs thinking about a little bit, very often it takes quite some time for them to get responses.

“We want to be able to give immediate responses and be responding to brokers within hours.”

Growth trajectory

Backed by capacity providers MS Amlin and Scor, Elmlake Underwriting is targeting £1m to £1.5m in gross written premium in its first year. Galloway is hoping to increase this to between £5m and £7.5m in the next three to five years.

As part of its organic growth plan, the MGA will look at covering other lines of business in the future and expanding its capacity provider panel.

Galloway says: “We would like to expand our offering in terms of what we provide.

“I would like to provide some management liability and directors’ and officers’ (D&O) cover in the future. I’d also like to offer some office package cover to sit alongside the PI that we do.

“Certainly as we grow, I’d like to have more than two markets on board. It gives you some more flexibility for the future.”

However, he stresses that he does not want to be changing capacity every year and wants long-term partnerships, especially with MS Amlin and Scor.

“We might have different capacity in the future, but that would sit alongside what we are currently doing with MS Amlin and Scor,” Galloway adds.

“I would very much hope that’s a long-term partnership and we do business together for many years to come.”