The British Insurance Brokers’ Association (BIBA) and the Managing General Agents’ Association (MGAA) have strengthened their relationship by becoming affiliate organisations. The official partnership aims to deepen their collaboration, acknowledging that both groups face similar challenges within the insurance market.
BIBA chief executive Graeme Trudgill (pictured left), who took over leadership last year, has a goal of fostering alliances across the industry. His approach includes working more closely with regulators, the government, and other industry stakeholders to support BIBA members.
Both camps, meanwhile, share the belief that by joining forces on key market issues, they can better serve their members and find more effective solutions to common problems.
Reflecting on the development, Trudgill stated: “We have a productive working relationship with the MGAA; working closer together for the good of all our members can only be a positive step forward.
“The market is challenging, and I believe that not only can we tackle together many of the issues that both brokers and MGAs face, but that MGAs can be part of the solution to some of the capacity challenges that are impacting our members.”
The tie-up marks a significant milestone, as the MGAA is the first UK-based insurance body to gain affiliate status with BIBA. Affiliates include The British Property Federation, The Property Institute, CGPA Europe, the Nigerian Council of Registered Insurance Brokers, and the Insurance Brokers’ Association of Ghana.
Mike Keating, CEO of the MGAA, commented: “I’m delighted that the MGAA is now an official affiliate of BIBA. With over 90% of MGAA members working with the broker community, our combined efforts will ensure we quickly identify and address issues, and, importantly, seize opportunities for both groups of members.”
Currently, the MGAA has 233 full members representing £13.2 billion in gross written premium, while BIBA membership spans around 1,800 regulated firms.
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