New members joining the UK Managing General Agents’ Association (MGAA) since the beginning of 2013 have increased the total combined gross written premium represented by the Association’s membership to over £2.5 billion [$3.85 billion].
“The total membership now includes 64 full members, 24 insurer members and 26 supplier members,” said the bulletin; “further cementing the important and ever growing role true MGAs play in the UK insurance market.
Graham Elliott of Aqueduct Underwriting, which recently joined the MGAA as a full member, said: “It is vital that MGAs such as ours and the sector as a whole are strongly represented to ensure regulation is fair and to extol the benefits of the MGA model. We are delighted to join the Association and believe its role within the industry will continue to grow and evolve in line with the increased proportion of the UK general insurance market represented by MGAs.”
Reg Brown, chairman of the MGAA, commented: “When we formed the MGAA we had a clear remit to represent the majority of the market in order to provide a better understanding of what MGAs are and the contribution they make to the insurance industry. As we can only achieve these goals when most of the market joins we are delighted to have hit the £2.5bn GWP milestone.
“Although this is a great achievement, we are certainly not complacent and intend to continue our efforts to build the membership and deliver an increased range of activities and benefits.”
The MGAA was officially launched in September 2011.
Source: Managing General Agents’ Association (MGAA)
Topics Insurance Wholesale Market
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