The Managing General Agents’ Association (MGAA) and the Association of British Insurers (ABI) have signed a memorandum of understanding (MoU) to strengthen industry collaboration.
The agreement establishes a framework for cooperation in key areas of the insurance sector.
Under the MoU, the MGAA and ABI will exchange insights on a range of industry issues, including retail and commercial insurance, regulatory developments, operational resilience and technological advancements.
By sharing information, both organisations aim to enhance knowledge across the sector and improve responses to industry challenges.
The agreement also allows coordination on matters influenced by government and regulatory bodies. The MGA and ABI will also seek to align their positions on significant issues, ensuring a more unified approach to industry developments and policy discussions.
In addition, the MoU creates opportunities for joint initiatives, including collaborative learning programmes, networking events and potential research projects.
Michael Keating (pictured), chief executive officer of the MGAA, said that the agreement solidifies its working relationship with the ABI and helps foster coordination on issues that affect their members, as well as the insurance markets.
“Working together puts us in a key position to support the significant growth we are seeing in the MGA sector with tech-driven start-up MGAs, whilst also tackling ongoing obstacles for our members such as capacity constraints, regulation and a challenging environment,” he said.
The MGA sector has seen consistent growth in the past few years and is expected to further expand this year, with technology driving changes across multiple dimensions, according to AM Best.
For the ABI, the memorandum serves as the next step to foster closer ties and stronger working relationship on key issues.
“We’re looking forward to working with the MGAA and its members more closely to further promote mutual understanding, share knowledge and align on views for the benefit of the wider industry,” said Hannah Gurga, director general of the ABI.
