A carrier that backs an insurance program commits its balance sheet to someone else's underwriting decisions. For an MGA, the business managing that program, securing this capacity requires evidence about how risks will be selected and priced.
Ines Boutemadja draws on three months of building Klaimee at Y Combinator while speaking with US carriers and Lloyd's syndicates. She compares those conversations with raising venture capital: the business plan opens the discussion, but loss assumptions and underwriting methods must survive detailed scrutiny.
Choosing a lead syndicate affects which other insurers participate. Broker agreements also set terms that matter beyond the headline capacity, including exclusivity and ongoing commissions.
One difference from equity funding is renewal. Capacity can be reconsidered each year. Her advice to founders is to keep several conversations open, agree on decision milestones, and have insurance counsel review broker terms before committing.