“A nearly 40 percent increase in the number of insurers, market participants and suppliers attending this year’s Managing General Agents’ Association (MGAA) capacity exchange, demonstrates the increasing importance MGAs are playing in product development and distribution,” said the organization’s bulletin.
The 2nd event of its kind, held last week at the Lloyd’s Building in London, was attended by a total of 36 Lloyd’s, London market and regional insurers and suppliers to the sector and 28 MGAs.
Reg Brown, chairman of the MGAA, said: “The fact we have seen a growing number of market participants using the exchange to meet new distribution partners and develop opportunities shows that our MGA membership are an important force recognized for their skills and appetite for growth through partnership.”
The MGAA noted that it had established the capacity exchange “to help members secure the support needed to expand and introduce new products by bringing together leading insurers serious about working with the MGA sector. The exchange runs as a five-minute ‘speed dating’ meeting format to facilitate networking between the Association’s market participant, supplier and MGA membership.”
Natalie Atkinson, Chief Underwriting & Actuarial Officer of Cardif Pinnacle, commented: “As a new capacity provider in the market, we found the exchange highly valuable. We got the opportunity to discuss our vision, objectives and diversification plans with many like-minded potential partners. We believe that some of the initial discussions will evolve.”
Richard Codd, Business Development Manager from Gallagher Bassett International, an MGAA supplier member, added: “The event was arranged and managed with great professionalism and a real desire for all attending to feel they got good value out of it. The five minute conversations can spark a whole new way of looking at an issue or a business model and the event facilitated making these connections superbly.”
Source: Managing General Agents’ Association (MGAA)
Topics Carriers Insurance Wholesale
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