The Managing General Agents’ Association (MGAA), a non-profit making organization founded to represent UK Managing General Agents, was officially launched on the 1st of September with an initial 40 Full Members underwriting gross written premiums of approximately £1.25 billion [app. $2 billion].
“It is currently supported by 11 Insurer Members and 12 Supplier Members,” the organization said. “In addition, many more MGAs, insurers and suppliers have indicated an interest in joining in the near future.”
The launch of the MGAA was celebrated at a reception at Lloyd’s. It follows a successful round of consultation meetings at the end of 2010 and the beginning of 2011, which came together in June. Representatives from 70 MGAs, UK insurers and supplier businesses, including accountants, lawyers and IT companies, agreed there was enough support to form a dedicated association to represent and support this important sector of the insurance industry.
The MGAA will continue the process of building the membership and is in the process of appointing a website developer.
It is also planning a “full series of member meetings and benefits” to take place in the coming months. The committee has also commenced more official contact with the regulator in order to ensure the specific views of the MGA sector are heard.
Reg Brown, Chair of the MGAA’s Steering Committee commented: “We are delighted to have got this important industry association off the ground and thank all who have helped us along the way.
‘The MGAA is now officially launched and we look forward to both informing and shaping debate about the role that Managing General Agents currently play in the UK general insurance market.’
Brian Russell, CEO of APC Underwriting noted that the creation of such an association “to represent MGAs in the UK is long overdue to both support the growth of this important element of the insurance market and to ensure any regulation is appropriate. I am personally delighted to have been involved from the very start in the formation of the MGAA and believe it will finally give the MGA sector the recognition it deserves.’
Keith Stern, Regional Manager, UK & Ireland for Lloyd’s, welcomed the MGAA on behalf of Lloyd’s. He also indicated that its “model is very much part of our global distribution strategy and especially so in the UK. It is very encouraging that so many Lloyd’s coverholders and managing agents have already demonstrated their support by joining the MGAA in the full member and insurance carrier categories. We wish the MGAA every success in all its endeavors.”
Source: Managing General Agents Association
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