Managing general agents are flourishing, according to our annual review and ranking of the market. Peter Staddon, managing director of the MGA Association, gave his view on the health of the market to Intelligent Insurer.
Intelligent Insurer’s annual review and ranking of managing general agents (MGAs) in the London Market shows an industry in rude health this year, with the figures showing that most MGAs have both grown and increased their profitability.
The overall figures on the following pages show that the 60 companies profiled have collectively increased their turnover by almost 5 percent year on year. In terms of profit, the figure does not look positive unless you strip out the performance of Towergate, which skews the results.
With Towergate included the overall pre-tax profit of the 60 biggest MGAs falls by almost 138 percent. Take Towergate out, however, and an overall increase of almost 18 percent can be seen. The equivalent figures for operating profit are -156.53 percent versus +18.15 percent (see Figures 1 and 2).
Managing General Agents Association, MGAA, MGA, Peter Staddon, Towergate, Insurance, Reinsurance, London, UK