Johnson Lambert offers financial statement audit, SOC report, and consulting services optimized for these unique organizations.
Carriers rely on the completeness and accuracy of premium and loss data from entities that have been delegated underwriting authority. Controls over the information systems used to populate the monthly reporting to carriers is critical. MGAs and other entities with underwriting authority have become a significant part of the insurance ecosystem.
With vast insurance expertise, including working closely with organizations like:
- Managing General Agents
- Managing General Underwriters
- Program Administrators
- Program Underwriters
- Underwriting Agencies
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Services We Offer
With deep industry experience, technologies, and tools, our team delivers right-sized engagements designed to meet your unique needs.
Financial Statement Audit
Amidst increased scrutiny of binding authorities by rating agencies or carriers and the interest in more oversight from Boards, audits of MGAs are becoming a necessary part of transacting business. With experience auditing hundreds of insurance organizations (including MGAs and similar organizations) for decades, we have a streamlined approach that utilizes digital technologies, efficient workflows, and low-friction information exchange with our clients. Furthermore, our audit programs are designed for organizations like yours, meaning they’re efficient yet thorough to meet the needs of rating agencies and other interested parties.
Service Organization Control (SOC) Report
Our team issues all types of SOC reports. Carriers and rating agencies will have more confidence in your commitment to internal controls over your data when you provide them your SOC report.
Internal controls are key to accurate and complete financial reporting. Rating agencies want to know that your MGA has strong internal controls in place. Our team can help you document the governance structure and controls in place as well as test the controls on a regular basis. Our insurance expertise and risk-based approach means we are efficient and add value.
Beyond these services, we offer a full range of other services to address your specific needs. Our MGA-focused tax team consults with clients on a wide array of issues and opportunities as well as provides tax preparation and provision services. We also provide cybersecurity assessment services.