Now seems to be a great time to be running an MGA – but are there downsides? And what is the future for the sector? We asked five MGAs some questions around their confidence, concerns and goals—and their opinions on technology in our virtual roundtable.
Andy Baughan, CEO of personal lines, Geo Underwriting
Mark Birrell, CEO of Castel Underwriting Agencies
Colin Thompson, founder and group CEO, Nexus Group
Dave Walsh, founder & CEO, CFC Underwriting
Lyndon Wood, CEO of Constructaquote.com (part of Moorhouse Group)
What factors are influencing the health of the MGA industry?
Mark Birrell: Managing general agents (MGAs) face challenges when accessing and demonstrating value to capacity providers. The impact of Lloyd’s oversight for underperforming syndicates and lines of business, and the increased scrutiny on MGA profitability and costs are all areas that are directly affecting the health of the industry.
MGAs must focus on delivering profitable business and value to their capacity providers. MGAs need to be able to provider insurers with access to niche markets and products more cost effectively.
MGA, Intelligent Insurer, Round table, Insurance, Reinsurance, Global