The MGA Model

This presentation will explore and explain the Managing General Agents’ model. It will explain what exactly an MGA is how, they fit in to the UK insurance market and how they are structured and operate. This will include a glimpse of future plans, alongside an overview of associated underwriting and claims services.

Learning Objectives
At the end of this event, the delegate will be able to identify:
• what the model looks like and their fiduciary duty
• what an MGA is, and what it is not
• what MGAs bring to the UK insurance market
• where MGAs fit within the UK insurance market
• what MGAs offer insurers, brokers and their clients
• how the MGA model is managed, including their independent status and the importance of data management, audit, quality control & consistency
• how MGAs deal with culture, conduct and compliance
• MGAs’ contractual agreements with insurers and details around their IT and accountancy structure and why it is different from that of a broker
• future plans and how an MGA’s book of business is managed.

Speakers biography
Peter Staddon is a Chartered Insurance Practitioner and has 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 membership schemes.
Peter led the delegation to the Export Credits Guarantee Department which produced the first ever insurance broker contract of insurance, prior to joining 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 and examination CITIB (Certificate of International Trade for Insurance Brokers).