By Michael Keating, CEO, Managing General Agents’ Association (MGAA)
There is a quiet confidence in our market at the moment. Delegated underwriting continues to grow, specialist expertise is in demand, and across the country brokers and MGAs are proving that collaboration is essential.
From where I sit, the story of the MGA sector is inseparable from the story of the UK’s broker market. In particular, beyond the large global broking houses are the more unsung heroes – our regional brokers, the firms embedded in towns, cities and local business communities across the country, remain the backbone of UK insurance. They are trusted advisers, often working with clients they have supported for decades. They understand the nuances of local economies, the pressures facing SMEs and the risks that rarely make national headlines but matter deeply to the people experiencing them.
MGAs exist to complement that expertise. We bring underwriting depth, speed of response and specialist focus in areas where standard markets may not always stretch. More than 90% of MGAs distribute through brokers, which tells you everything about the centrality of that relationship. Brokers are not a channel. They are partners.
At the MGAA, we represent over 460 members, including more than 250 MGAs underwriting in excess of £18.bn in gross written premium across more than 300 product classes. But the numbers only tell part of the story. What sits behind them is a network of relationships, many of them with regional brokers, built on mutual respect and a shared commitment to serving clients well.
This is why our close working relationship with BIBA matters so much to the UK’s brokers and MGAs. The MGAA and BIBA may represent different parts of the market, but our objectives are closely aligned. We both want a competitive, innovative and well-regulated sector that works in the interests of customers. And we both recognise that brokers and MGAs are strongest when we engage openly, share insight and address challenges side by side.
The regulatory environment is evolving, and rightly so. The FCA’s ongoing simplification work and its approach to product governance and manufacturing responsibilities are shaping how we all operate. Greater clarity around co-manufacturing is welcome. It gives brokers and MGAs the opportunity to define roles more clearly, apply governance proportionately and move with greater confidence.
But regulation should never become a barrier to innovation or service. If anything, it should sharpen our focus on outcomes. That means honest conversations between capacity providers, MGAs and brokers. It means documenting responsibilities properly. And it means recognising that the strength of the delegated model lies in alignment, not fragmentation.
For regional brokers in particular, collaboration with MGAs can unlock access to specialist products, emerging risk solutions and niche underwriting expertise that differentiates them in competitive markets. For MGAs, broker insight is invaluable, it informs product design, highlights gaps in coverage and ensures innovation is grounded in real client need.
One of my priorities at the MGAA is to continually deepen that engagement across the UK. Our Broker Exchanges, in London and in the regions, are designed to bring brokers and MGAs into the same conversation. Not as separate constituencies, but as peers navigating the same market pressures. We want to listen, to understand what regional brokers need from our community, and to ensure the delegated underwriting model continues to evolve in a way that supports you.
The future of UK insurance will not be shaped by any one part of the market acting alone. It will be shaped by how well we work together, particularly at regional level, where advice, expertise and specialist underwriting meet face to face.
I am proud of the progress the MGA sector has made. But I am even more confident about what we can achieve next, alongside BIBA and the broker community that underpins our industry.
If we continue to collaborate with intent and clarity, there is no doubt in my mind that brokers and MGAs together will remain a driving force in a resilient, forward-looking UK insurance market.
