Most of today's insuretechs started out as MGAs before acquiring a carrier. But even then most of the risk is ceded out to reinsurers. And they still act as MGAs by placing risks they don't want to take on with other carriers for a commision. And I don't know if it can be done today but how Warren Buffet acquired some of his first carriers was by scanning the pink sheets. In those days you couldn't just call your broker and buy shares,because pink sheet stocks were so thinly traded. Buffet had to track down the shareholders one by one and talk them into selling. That's how he eventually gained a major stake and got a seat on the board, and the rest of the story is history!
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