The next step in the launch of the UK’s Managing General Agents’ Association (MGAA) was successfully achieved this week, following the final meeting in a round of consultative discussions with key stakeholders, which “concluded successfully,” said an MGAA bulletin.
The MGAA Steering Committee met with representatives from UK insurers last week, then with “businesses such as accountants, lawyers and IT companies, who provide services to MGAs. Both insurers and service providers will be offered Associate Member status of the MGAA.”
The meetings followed the successful discussion meeting held in November where over 100 representatives from 70 MGA’s gathered to air their views on the need for the formation of their own association to represent and support this important sector of the insurance industry.
In order to gauge the level of support for the new association a membership proposal was also distributed in October. It provided information about how the MGAA might work and be structured and sought comments, feedback and an indication of interest in membership from these businesses. The responses received by the Committee indicated “significant interest in the proposal,” as well as a willingness to join such an association, either as a full member or associate.
“Having now met with all interested parties, the Committee believes it has sufficient support to proceed to launch the MGAA at the end of March,” said the bulletin. “Prospective members of the MGAA will receive application forms at the end of this month and the invitation to Associate members will follow.”
Reg Brown, Chairman of the MGAA’s Steering Committee, commented: “Without the support of insurers and service providers it would be very difficult to launch this association. The running costs in the first year are anticipated to be approximately £250,000 [$398,674], which will be raised solely through membership fees. We are therefore delighted that so many of the capacity and service providers agreed that the UK MGA market needs its own association.”
Keith Stern, Lloyd’s Regional Manager UK & Ireland, also a member of the MGAA steering committee, added: “MGAs are a well established and very important part of the UK market that needs to be supported and nurtured. We are therefore delighted to be back the launch of the MGAA and applaud its aims to promote best practice and professionalism within this growing sector.”
Source: MGAA Committee
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