Brokers Seek Innovation in the Managing General Agent Industry
In a recent poll conducted by Corin Underwriting, it has been revealed that there is a significant level of support among insurance brokers in the UK for Managing General Agents (MGAs). The survey, which did not specify the number of brokers participating, showed that 94% of respondents confirmed they work with MGAs, such as Corin Underwriting.
The poll also indicated a growing awareness of the 'virtual insurer' model, pioneered by MGAs like Corin Underwriting, with over half (57%) recognising its significant value. Notably, 81% of brokers believe more MGAs should pursue A.M. Best performance assessments, suggesting a potential shift towards more transparent and accountable MGAs in the industry.
The survey results reveal a growing interest among brokers in evaluating MGAs based on their performance. A high level of trust in the A.M. Best rating process among UK insurance brokers was evident, although it was not specified whether brokers were asked about other rating agencies besides A.M. Best.
The poll results also showed that 77% of brokers believe MGAs undergoing rigorous reviews like A.M. Best assessments would help them make more informed decisions. This indicates a significant number of brokers (81%) believe MGA ratings would aid them in making informed decisions.
Andy Hurrell, Founder of Corin Underwriting, commented on the poll results, stating, "It's encouraging to see such strong support for MGAs from UK insurance brokers. Our poll results underscore the importance of transparency, accountability, and performance in the MGA sector, and we are committed to leading the way in these areas."
Recent polls and industry reports further corroborate the growing support for MGAs in the UK market. MGAs are experiencing dynamic growth, with a particularly promising outlook in 2025 for those embracing technology, regulation, and strong broker relationships. Over 350 MGAs in the UK place more than 10% of the country’s £47 billion general insurance premiums.
There is a clear commitment from carriers and brokers to deepen relationships with MGAs beyond transactional interactions, aiming for more sustainable partnerships in the insurance ecosystem. For example, more than half of carriers (57%) expect to increase MGA capacity between now and 2027, indicating active broker and carrier support.
Industry sentiment at recent MGAA conferences and market studies shows a buoyant mood despite challenges from a softer market and increasing economic and regulatory pressures. The sector seeks to balance growth with underwriting discipline, reflecting brokers’ recognition of MGA relevance and value.
MGAs’ adaptability to specialist and hard-to-place risks, technological integration, and innovation has positioned them as key players, making them attractive to brokers looking for tailored insurance solutions.
In conclusion, Corin Underwriting’s recent polls and corroborating industry reports demonstrate that insurance brokers in the UK strongly back MGAs and expect this support to grow, driven by MGAs’ niche expertise, technology adoption, and improving broker relations amid evolving market conditions.
- MGAs like Corin Underwriting, recognized for their innovation and niche expertise, are seen as crucial partners in the UK insurance industry, with 94% of brokers working with them, according to a recent poll by Corin Underwriting.
- The poll results further revealed a growing interest among brokers in evaluating MGAs based on their performance, with 81% believing that MGA ratings would help them make informed decisions.
- In the pursuit of sustainable partnerships, 57% of carriers expect to increase MGA capacity between now and 2027, demonstrating active support from both brokers and carriers for MGAs that prioritize thought leadership, transparency, and accountability.
