MGAA and ABI pen memorandum of understanding to enhance cooperation

Feb 11 - (The Insurer) - The Managing General Agents' Association (MGAA) has signed a memorandum of understanding (MoU) with the Association of British Insurers (ABI) to enhance cooperation across three strategic areas.

The MoU establishes a framework for information exchange, with the MGAA and ABI promoting mutual understanding by exchanging insights on key industry issues such as retail and commercial insurance, regulation, operational resilience and technological advancements.

The two organisations will also coordinate their views and approaches on key issues driven by governmental and regulatory bodies.

Lastly, the agreement sets out opportunities for collaborative learning, networking events and potential joint research initiatives.

Commenting on the MoU, MGAA CEO Michael Keating 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, added: “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.”

Earlier this week, the MGAA unveiled its new strategic vision and mission for 2025.

The mission is focused on networking and education, with the body continuing to provide members with forums, events, and training opportunities to foster networking, industry knowledge and innovation.

High-level advocacy efforts will be focused on amplifying the voice of MGAs on critical industry issues, including regulatory challenges and market opportunities.