Association started with 40 MGAs writing £1.2bn of GWP
Members of the Managing General Agents’ Association (MGAA) now represent more than £3.3bn of gross written premium (GWP).
The figure was revealed at a reception for the MGAA at the House of Commons hosted by Jonathan Evans MP, chair of The All Party Parliamentary Group on Insurance and Financial Services.
At its launch in 2011, the MGAA had 40 members writing £1.2bn of GWP. It now has 96 members writing more than £3.3bn of GWP, representing roughly 66% of the total GWP written by the UK MGA market.
The MGAA estimates that there are 250 MGAs in the UK writing in excess of £5bn GWP.
Speaking at the House of Commons reception, MGAA chair Reg Brown said: “There is no doubt that the MGA sector is experiencing continued growth, and with it heightened scrutiny.
“The MGAA’s work to increase the regulator’s recognition and understanding of the role of MGAs, combined with a drive for clear standards and codes of ethics, are important factors in ensuring the association continues to represent the interests of MGAs with a single unified voice. This milestone in membership ensures we can continue to ensure the sector’s needs are met.”
MGAA managing director Peter Staddon added: “This original group had the vision and drive to create an organisation that could effectively support and represent the MGA community.
“Thanks to their commitment and hard work we are here today marking this important milestone with a thriving association that is recognised and respected across the insurance industry for its work.”