MarketScout Forms New Wholesaler

Online marketplace MarketScout and Glenn Hargrove, former CEO of Crump Inc., have teamed up to launch MarketScout Wholesale (MSW), which will combine wholesale brokerage and managing general agency (MGA) services with new distribution technology.

Hargrove and MarketScout say they see a need in the marketplace for a wholesaler that conducts business in a different format than others. MSW will build on the MarketScout Exchange technology platform but offer more than access to markets.

Hargrove will serve on the MSW board of directors and as president of MSW, which is based out of Dallas, Texas.

In addition to Texas, Hargrove said MSW plans three regional offices — western, central and eastern — and those will become fully operational in a few weeks. MSW will eventually build out those regions.

MSW plans to offer about 10 to 12 products at some point, but it is currently focusing on professional liability and financial lines.

MSW will be different than the MarketScout Exchange, which works as an online marketplace for agents to access different coverages through market specialists. However, MSW will use the technologies that MarketScout Exchange has developed.

MSW will also provide wholesale solutions to The MarketScout Exchange.