June 2013

Spotlight – In international business, almost every market around the world does things in a different way. This often leads to misunderstandings and unfulfilled expectations. However, different does not need to mean difficult and knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. These articles help you understand different aspects of the insurance industry around the world, enabling those who do business there to feel more “at home, abroad.”

In 2012 the Managing General Agents Association was founded in London. The MGAA has been formed to give the industry a better understanding of what an MGA is and what they contribute to the insurance industry. A glance at their website (http://www.mgaa.co.uk/) will tell you that an MGA is not a wholesaler of insurance products, nor are they a general broker, they are an “entity that underwrites insurance risks, and who owes its primary duties to one or more insurance companies, Lloyd’s syndicates or other providers of insurance capacity”. To many people insurance markets consist of just insurers and brokers. However, more than 10% of the annual commercial general insurance premium income in the UK is transacted through MGAs and delegated underwriting authorities. For more information about the MGGA, please contact Jane Comerford at info@mgaa.co.uk

With so much expertise in the London market, there are lots of interest groups, all with their own goals and objectives. One of the clear aims of the MGAA is “to promote the UK underwriting agency sector through good public relations and appropriate communications to the trade and general media” and not long ago, the Legal Adviser to the Board wrote an article first published in Insurance Day (www.insuranceday.com) who owns the copyright. This special report on MGA/Coverholder Issues won praise in the market and we have been given kind permission to republish this and any questions should be addressed to the managing editor, Greg Dobie at greg.dobie@informa.com

Follow the link for the article: http://iual-mgaa.informz.ca/admin31/content/template.asp?sid=3196&brandid=5119&uid=0&mi=253067&mfqid=645659&ptid=0