MGAA report reveals underwriting diversity and key role of brokers in UK MGA distribution
The Managing General Agents’ Association (MGAA) today reveals the strength and diversity of members’ businesses, and the key role brokers play in distribution, with the publication of the first comprehensive survey of its members since the Association launched in 2011.
The in-depth profile of the UK MGAA membership covers a broad range of information on lines of business and premium levels being written, capacity provider and distribution relationships, technology and talent development areas.
Some of the key highlights identified in the report include;
- 84% of MGAA members write their business via brokers
- Members are writing in excess of 150 different lines of business
- 35% of the membership’s combined GWP relates to international business written from the UK
The report sheds light on a strong sector with members writing over £6.1bn in premiums across over 150 lines of business indicating a diverse sector with a broad appetite and expertise in a range of specialty and niche classes.
Brokers are the key distribution partner for MGAs with the majority of the membership (84%) using them to distribute products.
Peter Staddon, managing director of the MGAA, commented;
“MGAs hold a strong position in the market and are proving to be an increasingly attractive business model. This report demonstrates the ability of our members to deliver increased market access for brokers and new opportunities for capacity providers. It also shows the importance of the MGA/broker relationship, with a large proportion of our members trading via brokers.”
The Association's chair, Charles Manchester concluded;
“Our report provides a clear and in-depth picture of the scale and reach of our membership, representing a significant proportion of the UK MGA market. These entrepreneurial businesses are ideally placed to maximise opportunities for brokers and insurers but need to ensure they continue to deliver value in what continues to be challenging market conditions.”