Insurance Times Advent Calendar: Tim Quayle

1. What was your insurance industry highlight?

It has been an incredible year for MGAs. Many strong, well thought out business plans have come across our desk from underwriters seeking support to launch new MGAs.

This is a clear indication of the market’s strength, but what is particularly interesting is the increase in alternative forms of capacity entering the market to support these ventures.

The highlight of this year has been working with different forms of capacity – for example, hybrid entities such as Bridgehaven – to support the entrepreneurial drives of our clients and strengthen the market ahead of the inevitable softer cycle expected in the coming years.

 2. What is your Christmas message for your insurance colleagues?

Christmas is an excellent time to reflect on the year gone by and plan for the year ahead.

For underwriters looking to forge their own path in 2025, this quieter period is the perfect opportunity to finalise business plans. The bar for entry into the MGA market is higher than ever and new entrants must work harder to compete.

Would-be MGAs will need a clear strategy, robust capital, tightly controlled distribution and superior data and technology capabilities to succeed.

I have no doubt they will rise to the challenge. My message is be bold and be ambitious, but be meticulous.

 3. What do you hope to find under the industry’s Christmas tree for 2025?

Not quite as exciting as the Bath Rugby season tickets on my list, but more useful would be a practical review of Consumer Duty to ensure that, along with protecting consumer outcomes, we’re encouraging healthy competition and new entrants to market.