Common use of Managing General Agents Clause in Contracts

Managing General Agents. The parties agree that the Reinsured shall not contract with any agent to underwrite or service claims on its behalf in respect of the Policies unless the Reinsurer shall have consented thereto in writing (any such agreement consented to by the Reinsurer, a “Managing General Agency Agreement”). As of the effective date of this Agreement, the Reinsurer consents to the Reinsured contracting with Legal & Contingency Limited (the “Agent”) on a facultative basis to underwrite and service claims on behalf of the Reinsured until such time, if any, as an Underwriting Management Agreement is entered into between the Agent and the Reinsured (such Managing General Agency Agreement to be subject to the prior written consent of the Reinsurer). Notwithstanding the foregoing, the Reinsured shall be solely liable for the performance and actions of any agent so contracted with.