A new trade association to represent the interests of managing general agents (MGA) is expected to be launched on 1 January 2012.
A steering committee to launch the Managing General Agents Association was established in October 2011 and aims to invite all UK MGAs to join, with the aim of representing 75{0a6a65c996ed4169444354e707b897cdb00dbefc1d0429e8febb9bf11027ba53} of the MGA market within a year of launch
The steering committee estimates that there are currently over 200 MGAs operating in the UK, underwriting around £5billion of the annual £47billion of premium income of the UK general insurance market.
The MGAA Steering Committee’s proposal to launch a new association is available here. A report on the MGAA’s recruitment drive from Insurance Age appears here
“The new association will give a voice to this important sector of the UK’s insurance market,” said Russell Lane, Managing Director, Brunel Professional Risks. “Managing general agents are responsible for creating and distributing a wide range of insurance products in the UK, particularly specialist schemes aimed at the SME market. Effective risk management and robust professional indemnity insurance arrangements are as important for MGAs as they are for brokers and we are ready to help MGAs with their PII arrangements.”
