MGAs are vital cogs in the insurance industry, placing more than 10% of the country’s £47 billion in general insurance premiums, according to the Managing General Agents’ Association (MGAA).
Michael Keating, CEO of the MGAA, states that top-performing MGAs:
Insurance Business UK has revealed this year’s awardees for Brokers on MGAs 2023 - the survey queried hundreds of brokers to find the best MGAs in the UK insurance industry. Brokers also ranked the critical factors to be a top-performing MGA, including technical expertise and product knowledge, overall responsiveness, ability to place niche or emerging skills, reputation, and more.
As part of the survey, brokers nationwide shared their deciding factors when working with MGAs. The top factors are coverage or a market with limited access, specific coverage needed, specialty coverage, and checking with another wholesaler’s pricing/obtaining competitive pricing.
One of the standout winners was Renovation Underwriting, winning gold medals for construction (large) private client categories and a silver medal for contractors. Managing director Douglas Brown’s rationale for being one of the UK’s best MGAs in insurance is to cater to underserved markets, provide innovation, leverage technology to deal with demand, and provide the expertise required to make their offer substantive.
To learn more about IBUK’s best MGAs in Insurance, click here and access the full report.
