MGA membership in the UK’s Managing General Agents’ Association (MGAA) now represents over £3.3 billion [$5.6 billion] of Gross Written Premium (GWP).
Jonathan Evans MP, chairman of The All Party Parliamentary Group on Insurance and Financial Services, made the announcement at a reception he hosted for the MGAA at the House of Commons in London.
“Full membership has grown from 40 MGAs writing £1.2 billion [$2.037 billion] of GWP at its launch in 2011, to today where 93 members now represent approximately 66 percent of the total GWP for the MGA market in the UK and the number of members has increased by over 30 percent in the last 12 months,” the MGAA’s bulletin said.
Speaking at the House of Commons reception Reg Brown, Chair of the MGAA said: “There is no doubt that the MGA sector is experiencing continued growth, and with it heightened scrutiny. The MGAA’s work to increase the Regulator’s recognition and understanding of the role of MGAs, combined with a drive for clear standards and codes of ethics, are important factors in ensuring the Association continues to represent the interests of MGAs with a single unified voice. This milestone in membership ensures we can continue to ensure the sector’s needs are met.”
The reception also recognized the contribution of the original steering group founded to create and shape the MGAA by awarding each of its members with honorary membership. “The group includes Reg Brown, Charles Earle, Arista Insurance, Brian Russell, APC Underwriting, Francis de Zulueta, Alpine Risk Partners, Sian Fisher, OIM Underwriting, David Coupe, EC3\Legal, Ian Barrett, Concise PR and Keith Stern, Lloyd’s.”
Peter Staddon, Managing Director of the MGAA said: “This original group had the vision and drive to create an organization that could effectively support and represent the MGA community. Thanks to their commitment and hard work we are here today marking this important milestone with a thriving Association that is recognized and respected across the insurance industry for its work.”
Source: Managing General Agents Association