IN THE NEWS: Establishing a successful MGA
The MGA model has proved hugely successful over recent years, filling niche requirements and operating nimbly to respond to market changes and drive real benefits to all stakeholders. But how does someone go about setting up a successful MGA in an increasingly busy market?
This is the question asked by Insurance Post editor Emma Hughes in a recent analysis and Tim Quayle, managing director of OneAdvent, was happy to share his views:
“Successful MGAs we’ve worked with are the ones that build gradually, demonstrating growth but not losing focus on underwriting growth”
Tim shared his insights for this in-depth article, and addressed some of the key challenges facing would-be MGA owners including:
- Regulatory requirements
- Carrying the risk
Ultimately, Tim and fellow commentators agree that now is an excellent time to harness the opportunities presented by the MGA landscape, but that patience, flexibility and resilience are essential, after all, the road to setting up a business can be a complex one. Tim noted:
“Not everything will go to plan, so it’s important to build long-term relationships with partners who understand that they may need to flex and adapt their support depending on where the MGA is in its lifecycle”.
“MGAs that understand this and leverage the capabilities and skillsets of their experienced partners are more likely to thrive”.
To read more of Tim’s advice on establishing an MGA, including his 5-step plan for founders, read the full article here (subscription required)