It may have been a year that hit the insurance industry hard, but managing general agents (MGAs) stood strong in the face of the pandemic – with some reaching ahead of the pack, as showcased in Insurance Business’s newly released Five-Star MGAs report.
“Most MGAs, if not all, increased their retention rates, and they also found far more increasing new business activity because they were able to adapt far quicker than the very large insurers, who really are like big tankers that take a while to turn around,” Mike Keating, CEO of the Managing General Agents’ Association, told Insurance Business for the report.
MGAs’ emphasis on niche markets has made the services they provide arguably more important than ever. But which MGAs should brokers turn to for their needs?
Earlier this year, Insurance Business issued a survey to its broker audience asking them a series of questions relating to the MGAs they use – including what’s most important, and what part of the MGA service they value the most. The research team also spoke to hundreds of top brokers across the region by phone, asking them to rate the MGAs they had worked with over the previous 12 months in 17 product categories.
At the end of the research period, the MGAs that received the highest ratings from brokers in terms of work quality, specialist expertise and client service were declared Five-Star MGAs for 2021, including:
Wondering which other companies made the five-star list? Click through to read the full report now.
