The Managing General Agents’ Association (MGAA) and the Association of British Insurers (ABI) have taken a significant step towards greater industry collaboration by signing a Memorandum of Understanding (MoU). This agreement underscores their joint commitment to fostering mutual understanding, enhancing cooperation, and driving progress in key areas of the insurance sector.
The new MoU establishes a framework for collaboration in three strategic areas:
- Information exchange – MGAA and ABI will work together to promote mutual understanding by exchanging insights on key industry issues, including retail and commercial insurance, regulation, operational resilience, and technological advancements.
- Coordination of views – The two organisations will coordinate views and approaches on key issues driven by governmental and regulatory bodies, where possible and within relevant and significant areas.
- Joint Events, Learning, and Research – The agreement paves the way for collaborative learning opportunities, networking events, and potential joint research initiatives that will benefit stakeholders across the industry.
Michael Keating, CEO of the MGAA, said:
“We are delighted to announce our partnership with the ABI as the agreement further solidifies our working relationship and helps foster coordination on issues that impact our members and the insurance markets. With our members having extensive partnerships with ABI members, together, we aim to create greater awareness of core priorities and knowledge sharing for insurance firms and their customers. 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 rating environment.”
Hannah Gurga, Director General of the ABI, commented:
“Signing the MoU with the MGAA is another step towards fostering closer collaboration and a stronger working relationship on key issues for the benefit of both our members. 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.”
Notes to the Editors:
About the MGAA
Founded in 2011, the MGAA has a deep understanding of the crucial role MGAs play within the insurance distribution chain, providing significant value to capacity providers, brokers, and consumers. We are dedicated to fostering innovation and maintaining the highest professional standards within our community, aiming to enhance the sustainability, effectiveness, profitability, and authority of our MGA members.
As a not-for-profit organisation, we focus on the needs and aspirations of our members. Our Board comprises a balanced and diverse group of elected directors from the MGA community, supported by four dedicated committees and a full-time executive team. The MGAA currently has 233 full members representing £13.2 billion in GWP.
More information can be found at:
Website: www.mgaa.co.uk
Twitter: @UKMGAA
LinkedIn: Managing General Agents’ Association Media
About the ABI:
The ABI is the voice of the UK's world-leading insurance and long-term savings industry, which is the largest sector in Europe and the third largest in the world. We represent more than 300 firms within our membership, including most household names and specialist providers, providing peace of mind to customers across the UK.
We are a purpose-led organisation: Together, driving change to protect and build a thriving society. On behalf of our members, we work closely with the UK's governments, HM Treasury, regulators, consumer organisations and NGOs, to help ensure that our industry is trusted by customers, is invested in people and planet, and can drive growth and innovation through an effective market.
A productive and inclusive sector, our industry supports towns and cities across Britain in building a balanced and innovative economy, employing over 300,000 individuals in high-skilled, lifelong careers, two-thirds of whom are outside of London. Our members manage investments of £1.4 trillion, contribute £18.5 billion in taxes to the Government and support communities and businesses across the UK.
More news and information from the ABI is available on www.abi.org.uk .
Contacts:
Helen Wright, MD, Lysander PR - [email protected]
Joe Malone, Account Director, Lysander PR - [email protected]
Michelle Worvell, Account Director, Lysander PR - [email protected]
ABI Press Office: [email protected]