Rich Varrato, co-founder, The Magnolia Agency
25 August 2021

New insurance agency to address “epidemic of failure to put the client first”

The Magnolia Agency, a new Connecticut-based independent insurance agency, has launched. The agency will offer commercial and personal lines along with member-owned group captives.

It aims to “change how Connecticut residents view their relationship with insurance”, the company said.

Louis Gould, is partner and co-founder, along with Rich Varrato, of The Magnolia Agency. He said: “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.”

The agency will off personal and commercial insurance with a specialty in , healthcare, transportation, and environmental risk. It will also offer a range of life, disability, and surety products. For larger clients, particularly, it aims to use member-owned group captives.

“Captives enable our clients to get up to 60% of paid premiums back in the form of dividends. We think that’s a game-changer in today’s tumultuous insurance market,” said Varrato.