The inaugural Managing General Agents’ Association (MGAA) capacity exchange has been hailed as a success by insurers and MGA’s alike as an effective route to identifying and developing new products and scheme opportunities.
The event, held last week at the Lloyd’s Building in London, was supported by a total of 14 local and regional carriers and 28 MGA’s – representing over half of the MGAA’s membership.
The capacity exchange was launched by the MGAA 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 all under one roof.
MGAA Chairman Reg Brown noted: “The level of support for this first capacity exchange has surpassed our expectations. Our MGA members were able to demonstrate their business and entrepreneurial skills at an event which aimed specifically to help short cut the process of securing new capacity and partnerships. As a result of this success, we plan to extend the exchange on a regional basis in the UK.”
The capacity exchange ran a “speed dating” format with snappy five minute meetings to facilitate networking between Insurer members and MGA members.
Nick Grazier, Head of Marketing and Business Development, at Lloyd’s Insurer Jubilee, described the launch as a “very effective event,” which “provided us with a number of positive opportunities for new schemes. The MGAs attending were clear and focused on what they were looking for, and the majority came with clear plans. We will definitely be supporting this event in the future.”
Source: Managing General Agents’ Association
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