The Magnolia Agency has launched as an independent insurance agency providing commercial and personal lines of coverage through member-owned group captives.
The agency specialises in construction, transportation, healthcare and environmental risk, as well as offering life, disability and surety products.
Based in Connecticut, the new venture is co-founded by Rich Varrato and Louis Gold, both of whom will serve as partner, with the objective to transform the relationship between Connecticut residents and insurance providers.
Varrato previously held the position of senior account representative at Southeast Agency. Before this, he was an associate at DB Fox Advisors.
Gold served as assistant vice president at AssuredPartners, before which he was senior underwriter and team leader at Acadia Insurance.
Gold explains the need for such an agency: “There is a booming trend of mergers and acquisitions in the insurance agency industry that is creating an epidemic failure to put the client first.”
“We created The Magnolia Agency to bring back the personal touch and remove the commoditised stigma of insurance. We want to be seen as a trusted advisor to local businesses and ensure the things they care about most are properly protected.”
Varrato affirms the agency’s captive offering, adding: “Captives enable our clients to get up to 60 per cent of paid premiums back in the form of dividends. We think that is a game-changer in today’s tumultuous insurance market.”
