The UK has over 300 MGAs, placing more than 10% of the country's £47 billion in general insurance premiums, according to the Managing General Agents' Association (MGAA).
Insurance Business has revealed the UK's best MGAs for 2023, companies that excelled in 10 criteria:
Insurance Business UK (IBUK) identified this year's best MGAs by conducting a survey of brokers nationwide, asking respondents to rate the performance and service of each of their MGA partners on a scale of one (poor) to 10 (excellent) against 10 criteria.
The MGAs that earned an average score of four or greater in at least one criterion received a 5-star designation. Meanwhile, those that received an average score of 4 or greater in all categories received an All-Star designation.
The IBUK team also asked brokers to rank their top three MGAs across 16 major types of insurance. Additionally, the team asked the respondents to name the top insurance products offered by an MGA.
Based on the respondents' feedback, the IBUK team calculated the top three winners for each type of insurance and awarded gold, silver, and bronze medals to those MGAs. The five insurance products that received the most votes from brokers obtained the Brokers' Pick medal.
Renovation Underwriting is one of IBUK's top MGAs this year.
Established in June 2018, Renovation Underwriting is an MGA specialising in providing insurance and consulting services for high-value residential and commercial renovation and building projects.
Learn more about Renovation Underwriting and the rest of this year's winners by reading the IBUK Brokers on MGAs 2023 special report.
