'Not just another bite of the Cherry'

The presentation will detail the history of Underwriting Agencies and why the MGAA was set up and by whom. It will explain how MGAs are seen by the regulator and how they are different from wholesale brokers. It will identify what an MGA is and how their particular skill set fits within the current two tier system therefore Insurers and Insurance brokers can both benefit from their presence within the UK general insurance market.

Learning objectives

By the end of the session delegates will understand:

• Why the MGAA was formed and how its membership is constructed

• What an MGA or Underwriting Agent is

• How they differ from a wholesale broker

• Where MGAs fit within the UK insurance market in relation to their geographical spread

• Where their fiduciary duties lie

• How they are viewed by the FCA and other stakeholders

• The unique benefits MGAs bring to the UK market

• How the MGAA has grown since 2011 and is viewed by stakeholders

Peter is a Chartered Insurance Practitioner and spent 25 years as an Insurance Broker. He joined BIBA in 1996 where he was Head of Technical Services and had executive responsibility for the formation of their technical committees and member schemes. Peter lead the delegation to ECGD which produced the first ever Insurance Broker contract of insurance. He joined as a consultant working for RWA compliance services in 2012. He joined the MGAA as Managing Director in November 2013. Peter is a past author of the CII insurance book 930 - “Insurance Broking” and co-author of the Institute of Exports study book an examination CITIB [Certificate of International Trade for Insurance Brokers]. The MGAA were consulted on the new CII paper P66 – Delegated Authority and Peter sat on the panel of experts reviewing the April 2014 exams questions.