Corgi Moves From MGA to Carrier

Becoming a carrier changed Corgi from a software layer sitting on top of someone else's balance sheet into the company that controls the policy itself. As an MGA, Corgi could automate quoting and distribution, but it still had to rent paper from a licensed carrier and pay for that privilege. Writing on its own paper lets Corgi keep that fee, change forms and prices without waiting on a partner, and turn product ideas into filed insurance coverage much faster.

• Fronting fees are the toll an MGA pays a carrier for licenses, ratings, and policy paper. Industry examples put those fees in the low single digits to much higher levels depending on structure, so removing them can materially improve unit economics on every premium dollar Corgi writes.
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• The practical speed gain is that Corgi no longer has to coordinate every wording change or pricing adjustment across a broker, wholesaler, and carrier chain. Its product already produces startup quotes in about 30 seconds across lines like cyber, D&O, and E&O, so owning the paper makes that fast workflow easier to extend into new bundles and risk classes.
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• This is the same strategic logic other startup insurers pursued. Vouch said having its own carrier gave it more control over how it builds and underwrites policies, while Corgi is applying that model to a narrower startup segment with modular multi line coverage and embedded distribution partners.
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The next step is deeper verticalization. Carrier status gives Corgi room to launch more specialized startup products, push further into embedded channels like law firms and cap table platforms, and capture more premium per customer. The tradeoff is not speed, but capital, because every new dollar of premium now requires reserves and reinsurance capacity behind it.