The purpose of this Request for Qualifications (the RFQ ) is to select qualified underwriting firms for inclusion in the Authoritys underwriting pools for Senior Managing Underwriter
(the Senior Manager Pool ) and Co-Managing Underwriter
(the Co-Manager Pool and, together with the Senior Manager Pool, the Pools ) for transactions that may be sold on a negotiated basis.
Rodman & Renshaw LLC, part of Rodman & Renshaw Capital Group (NASDAQ:RODM), was the lead managing underwriter
of the offering, while Newbridge Securities Corp acted as co-lead managing underwriter
The typical managing underwriter
is an independent contractor that has to cover its own operating expenses but works closely with a reinsurer and has an agreement that declares that its primary fiduciary responsibility is to serve the interests of the reinsurer.
Through the consistent underwriting and claims management provided by the managing underwriter
, agents and insureds can rest assured that if one insurance carrier decides to discontinue coverage, another market is readily available.
In some cases, the virtual managing underwriter
is getting exclusive Internet-access rights to the contracting insurance company.
If or when the Authority resolves to issue Revenue Bonds or Port District Project Bonds, a firm or entity qualified under this RFQ (each firm or entity a Qualifying Respondent ) will be selected as a Senior Managing Underwriter
, Co-Senior Managing Underwriter
or Co-Managing Underwriter