MGAA - Introducing the Managing General Agents' Association video
Peter Staddon, Managing Director of the MGAA talks about the MGAA and its key objectives
YOUTALK INSURANCE VIDEO TRANSCRIPT
Introducing the MGAA
Hello my name is Peter Staddon and I am the Managing Director of the MGAA.
I'd like to take a few moments of your time to talk about the Association.
If you are Interested in being a Managing General Agent, or are you wondering what an MGA is, let me give you some background information.
We are the Managing General Agents Association a trade association formed in 2011 to give the industry a better understanding of what an MGA is and how they contribute to the insurance sector in the UK
First of all we must understand that an MGA is not a wholesale broker but a firm who underwrites insurance business on behalf of an insurance company or Lloyds syndicate.
Unlike an insurance broker their fiduciary duty is towards their capital provider and not the policy holder. It is estimated that there are approximately 250 MGAs or Underwriting Agencies operating in the UK who write in excess of £5 billion in insurance premium annually.
These firms provide the market with specialist knowledge or as an alternative distribution channel to the insurer or Lloyds syndicate.
The regulator and some market practitioners have not fully understood the workings of MGAs, therefore the MGAA aims to change this and together with our published objectives we will assist MGAs in providing professional underwriting services on behalf of insurers who want to complement their own niche or distribution channels.
Our objectives include, amongst other things, being a central body to put our member’s views to Government to the Regulator and also to the European Union.
We represent our members by engaging with stakeholders to explain how changes in the law directly impact the members operations and could have an adverse effect on the consumer or commercial customer.
We will set out best practice guidelines which will assist the market both member firms and their capital providers with a view of increasing stability, security and the reputation of their own business but also of the industry at large.
We do this by engaging with our members and listening to their concerns and where appropriate we develop bespoke services to assist them
Thank you for watching. If you have any queries or would like to get in touch please use my contact details here.
To watch this video go to http://www.youtalk-insurance.com/professional-bodies/mgaa
The thoughts and opinions shared in this video transcript are provided for information purposes only and do not represent the views and opinions of You Talk Insurance Limited. Professional advice should always be sought before making any decision