QUOTE AND NEWS
Insurance Journal  Apr 27  Comment 
Pen Underwriting has formed a new strategic partnership with specialist insurer Markel International to further consolidate Pen’s presence in the UK equestrian market and drive the company’s product innovation in the sector. Markel is an...
Insurance Journal  Apr 21  Comment 
Nirvana Risk Partners has launched as an underwriting cell on Castel Underwriting Agencies’ MGA formation platform, targeting media, technology and cyber liability risks. Nirvana will underwrite risks for small and large enterprises on a global...
Insurance Journal  Apr 11  Comment 
LevelFirst, the wholesale broker and MGA binding facility owned by IIAT Services Co., has appointed Richard Deal as business development manager. Deal is tasked with maximizing the potential of existing relationships as well as growing revenue...
Insurance Journal  Apr 7  Comment 
Plum Underwriting, the London-based specialist home insurance managing general agent, announced the launch of cyber and data risks cover embedded within high net worth (HNW) and mid net worth (MNW) home insurance products in the UK. Plum’s Home...
Insurance Journal  Apr 6  Comment 
Texas-based full service independent managing general agency and surplus lines broker, MD Jensvold & Co. Inc., has opened a location Shreveport, Louisiana, and added three new members to its team. John Hellyer joins Jensvold as lead underwriter in...
Insurance Journal  Mar 30  Comment 
Yachtpod Risk Partners has launched as an underwriting cell on the Castel Underwriting Agencies Ltd.’s MGA formation platform to offer dedicated superyacht insurance on a worldwide basis. Yachtpod specializes in providing a “one-stop” shop...
Automotive World  Mar 16  Comment 
Ask any parent, and they’ll tell you that an extra set of eyes would generally come in very handy, especially when driving. Magna International Inc. listened to those parents and today gives them that extra set of eyes with a video-based...
Automotive World  Mar 15  Comment 
Ask most parents, and they’ll tell you an extra set of eyes would generally come in very handy, especially when driving. Magna International Inc. listened to those parents and today gives them that extra set of eyes with a video-based...




 
TOP CONTRIBUTORS

Magna International Inc. is a leading component manufacturer, supplier of all wheel drive systems, and vehicle assembler. The company is one of the largest North American suppliers of original equipment components, assemblies, modules and systems, and related tools for cars and light trucks. The company is also a global supplier of technologically advanced automotive components, systems and modules. The company designs, engineers and manufactures a range of exterior, interior and powertrain systems. Magna also provides vehicle design, engineering, assembly and program management services to its customers. The company's operations are conducted through its global automotive systems groups. The company operates through three segments: North America, Europe, and Rest of World (consisting of primarily South America an Asia). DaimlerChrysler, Ford, and General Motors are the major customers of the company, collectively accounting for around 70% of Magna's revenue.


Magna enjoys a strong competitive position in the industry as it is one of the few providers of a complete range of interior and exterior auto systems to global auto companies. Increasing content per vehicle (CPV) is the main driver of Magna's growth. CPVs in both North America and Europe have been increasing over time.

The company is a major provider of interior and exterior systems to automotive companies. Some of the prominent new product launches driving CPV growth include Chevy Equinox, Chevy Cobalt, SAAB 9-3 and BMW X3. The key platforms boosting CPV growth rate in North America are Chrysler minivans, Chrysler Pacifica, Chrysler 300, 300c, and Ford F-150. Simultaneously in Europe, the Mercedes B class, Honda Civic, BMW01 series, and Land Rover discovery are supporting CPV growth. Recently, Magna agreed to develop and produce the MINI sports activity vehicle for the BMW Group. With this, the company expects its annual sales to be more than $1 billion. Magna also has a strong balance sheet with cash and cash equivalents amounting to $1.7 billion.

The company has strong relationships with GM, Ford, and DaimlerChrysler. It has been recognized as an important supplier by all these automakers. Additionally, the bankruptcy filing by the component supplier Delphi Corporation has provided Magna with various business opportunities. Moreover, MGA has been awarded the transfer case business by Nissan. These trends make us believe that MGA will gain new businesses in the coming quarters. Further, GM has launched new full-size SUVs that will further strengthen demand for MGA's product line.




References

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