Global insurer RSA has become the latest member of the London-based Managing General Agents’ Association (MGAA), which now has 50 members with a combined underwriting capacity of £1.4 billion [$2.33 billion] in gross written premiums per annum.
Reg Brown, chairman of the MGAA, described RSA’s decision as a “significant development for the Association,” adding that the “support of one of the UK’s largest insurers endorses the important role MGAs play in the industry.
“This important milestone combined with the growing number of MGAs joining the Association marks the start of a new phase in our work, and demonstrates the MGAA is a representative body for MGAs across all markets,” he added.
Tom Downey, RSA’s Director of MGAs, explained: “We have a desire to work with profitable and well managed MGAs and believe they have a valid part to play within the industry. Our MGAA membership is therefore a natural next-step and a testament to our commitment to the MGA market.
“We look forward to working with the Association and its members to continue to raise the profile of MGAs as an important part of the UK insurance industry.”
Officially launched on September 1, 2011, the MGAA is now supported by 50 full members, 19 insurer members and 21 supplier members.
Source: Managing General Agents’ Association