The MGA market is riding the crest of a wave, with rates still hardening and capacity keen to enter the sector. But that only represents half the story, as our MGA survey, conducted in partnership with the Managing General Agents’ Association, revealed.
The relationship between MGAs and Lloyd’s has been through the ringer with Decile 10 and Brexit. But Charles Manchester, MGAA chair, says a “fondness” for Lloyd’s could mean a reunion in the longer term.
Despite challenges, this is a very positive time for MGAs, many of which have the opportunity to shine in the current conditions especially those able to leverage technology, says Mike Keating of the MGAA.
As cautious investors look to MGAs of a higher calibre, the sector needs to focus on business and capacity quality as the cost of money rises, says Catherine Bell, MGA representative on the board of the MGAA and chair of Magenta Insurance.