The Managing General Agents’ Association (MGAA) and the Association of British Insurers (ABI), have signed a Memorandum of Understanding (MoU) to foster greater industry collaboration.
This agreement marks a significant step towards strengthening mutual understanding, cooperation, and progress in key areas of the insurance sector.
The MoU establishes a structured framework for collaboration between MGAA and ABI in three key areas: information exchange, coordination of views, and joint initiatives in events, learning, and research.
By working together, both organisations aim to enhance knowledge sharing and support the industry’s growth while addressing regulatory and operational challenges.
MGAA represents managing general agents (MGAs), which act as intermediaries between insurers and brokers, underwriting policies on behalf of insurers.
The organisation plays a crucial role in advocating for MGAs, supporting their growth, and ensuring they remain competitive within the evolving insurance landscape.
ABI represents the broader insurance and long-term savings industry in the UK. Its mission is to influence policy and regulation, promote best practices, and enhance consumer trust in the industry. The association’s members include major insurers, brokers, and related financial service providers.
Through this partnership, MGAA and ABI will exchange industry insights, including developments in retail and commercial insurance, regulation, operational resilience, and technological advancements.
Additionally, they will align their approaches on key issues driven by governmental and regulatory bodies, ensuring a coordinated response on significant matters affecting their members.
The agreement also sets the stage for joint events, learning opportunities, and research initiatives. These collaborative efforts will help industry professionals expand their knowledge, build stronger networks, and drive innovation within the insurance sector.
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.”
