EXPERT UNDERWRITING. IT'S WHAT WE DO - Founded in 1998, DUAL has always kept underwriting excellence at the core of its business - DUAL Group
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INSURANCEBUSINESSMAG.COM/UK
5-STAR MGA
EXPERT UNDERWRITING.
IT’S WHAT WE DO.
Founded in 1998, DUAL has always kept underwriting
excellence at the core of its business
SPECIAL REPORT
5-STAR AWARDS 2021: MGAs
THE UNIQUE
APPEAL OF MGAs
THE INSURANCE industry is all about
personal relationships. And in the MGA world,
“Most MGAs, if not all, increased
those relationships depend on being able to
deliver the right coverage for niche markets
their retention rates [during the
– everything from terrorism to cyber to high-
value yachts. Faced with COVID-19 lockdowns
pandemic], and they also found far
and remote work mandates, as well as a hard- more increasing new business activity”
ening market, MGAs were well positioned to
adapt quickly to the crisis.
Michael Keating, Managing General Agents’ Association
“The very nature of the UK MGAs, in terms
of their innovative, agile approach, enabled
them to very, very quickly move to a sort of a brokers,” says Mike Keating, CEO of the most MGAs, if not all, increased their retention
home operating model for their staff to main- Managing General Agents’ Association rates, and they also found far more increasing
tain service standards, especially to their (MGAA). “And this was evidenced insofar as new business activity because they were able
to adapt far quicker than the very large
WHAT’S MOST IMPORTANT TO BROKERS WHEN CHOOSING AN MGA? insurers, who really are like big tankers that
take a while to turn around.”
It’s a sentiment echoed by Charles
Competitive pricing: 95% Manchester, chairman of the MGAA and
founder, chairman, and CEO of Manchester
Expertise in niche markets: 90%
Underwriting Management (MUM), one of
Reputation: 88% this year’s 5-Star MGAs. Manchester says
MGAs have provided service levels that are
Access to a wider variety second to none throughout the crisis – although
of markets/carriers: 87% not without their fair share of challenges.
“Some MGAs have been badly affected by
Efficiency through technology: 77% COVID-19, particularly those operating in the
travel insurance, hospitality and contingency
Administrative support: 68% markets,” Manchester says. “Others have been
caught up in the Supreme Court [business
Training: 51%
interruption] case, directly or indirectly, but
many have seen business grow due to rate
movements and service levels.”
2 www.insurancebusinessmag.com/uk
What’s next for MGAs? employees work from home a couple days a
In general, there are two schools of thought week and in the office the other days, leveraging METHODOLOGY
on where the MGA market in the UK is today the best of both worlds.
and where it’s going. One is that limited “You can’t get away from the importance of To determine the best MGAs in the
UK market, Insurance Business UK
capacity, less commission and stricter terms face-to-face relationships in our industry,” he
sourced feedback from insurance
from insurers will cause many MGAs to says. “But I think they’ll use technology such brokers over a 15-week period. IBUK’s
struggle going forward. The other is that now as Microsoft Teams and Zoom to create an research team started by conducting
a critical time for MGAs to shine – which is opportunity and savings for organisations, a survey with a wide range of brokers
the position Keating takes. insurers and MGAs. I think what you’ll find is to determine what they value in an
“For our members, this hard market … is a that they will use technology to add value and MGA. The research team also spoke
to hundreds of top brokers across
watershed moment, one where MGAs that to be complementary to those traditional ways
the region by phone, asking them to
really know their stuff, and are not just oppor- of working. I think it will be a hybrid of online rate the MGAs they had worked with
tunist links in the chain to market, will not and face-to-face.” over the previous 12 months in 17
only survive, but blossom, while those that do Going forward, Manchester says he expects product categories.
not add any value will wilt away,” Keating wrote “more insurers to enter the market as the At the end of the research period,
in a recent editorial for IBUK. MGA model is proven. Maybe they’ll be less the MGAs that received the highest
ratings from brokers in terms of work
Manchester notes that “insurers generally naïve than some of them have been in the quality, specialist expertise and client
have toughened up over the last two or three past, though.” service were declared 5-Star MGAs
years, particularly in specialty lines such as for 2021.
those MUM writes, and this affects their appe- Top priorities for brokers
tite for supporting MGAs. Those MGAs that As part of the survey to determine this year’s
don’t add real value will struggle to get quality 5-Star MGAs, IBUK asked brokers what’s most
67%
of brokers said an
“Those MGAs that don’t add real value MGA’s expertise in
niche markets is
will struggle to get quality capacity very important
support in this market. Good MGAs
will thrive into the rest of 2021 and 2022” 58%
Charles Manchester, Manchester Underwriting Management of brokers said an
MGA’s reputation is
very important
capacity support in this market. Good important to them when choosing an MGA.
MGAs will thrive into the rest of 2021 and By far, the most critical factor to brokers was
2022. The model works well when the right competitive pricing – 95% of survey respond-
partners get together.” ents rated pricing as either important or very 57%
As more and more people get vaccinated important when choosing an MGA, and many said an MGA’s access
and lockdown restrictions ease, the question brokers mentioned competitive rates when to a wide variety of
lingers: should insurers and MGAs revert to asked why they would recommend their top markets and carriers
pre-COVID-19 work environments or stick MGA partner. One broker lauded their is very important
with new technologies relied upon during the favourite MGA for “[going] above and beyond
tough times? Keating believes the new work- to assist with all cases, consistent pricing and
place will likely be a hybrid setting where great underwriting capability”.
www.insurancebusinessmag.com/uk 3
SPECIAL REPORT
5-STAR AWARDS 2021: MGAs
NUMBER OF AWARD WINNERS BY CATEGORY understanding and expert underwriting.”
Brokers also value MGAs with impeccable
Personal lines
reputations (rated as an important quality by
10 88% brokers) and ones that can give them access
Professional indemnity to a wide variety of markets and carriers (named
9 an important factor by 87% of brokers). On the
Commercial general liability latter point, one broker touted their top MGA’s
7 “access to schemes and Lloyd’s”, while several
Fleet and commercial vehicles others mentioned a comprehensive product
7 range as a reason why they would recommend
General liability their favourite MGA to other brokers.
5 Somewhat less important to brokers was
an MGA’s ability to achieve efficiency through
Cyber
technology; 77% of brokers said technology is
4
an important or very important consideration
Terrorism
when choosing an MGA to work with, and
4 several brokers highlighted efficiency as a
Construction reason they would recommend their top MGA
4 partner. One broker praised their favourite
Contractors’ all risks MGA for its “ability to conclude business effi-
4 ciently”, while another touted their MGA’s
High-net-worth home/vehicle/yacht “easy-to-use portal [and] easy access to
4 decision-makers”. Several others commended
Property owners their top MGAs for quick turnarounds.
While administrative support didn’t rate as
4
highly on brokers’ list of priorities when
Property
selecting an MGA (only 68% said it was impor-
3 tant or very important), the service brokers
Unoccupied property receive from MGAs clearly is paramount. Again
3 and again, brokers named excellent service as
Financial lines the reason they choose to work with certain
3 MGAs. One broker noted that their top MGA
Architects/engineers/surveyors “will always look to find solutions and are keen
3 to do the right thing by the end client”. Another
praised their MGA for “great professional
Personally identifiable information
service – refreshing in this market!” A third
3
broker noted that their top MGA’s service “has
Non-standard home/car
not changed at all through the pandemic, which
2 has been very much appreciated and has set
them apart”.
Nearly as important to brokers was an and niche products”, while another said they At the bottom of brokers’ priorities when
MGA’s expertise in niche markets – 90% of seek out MGAs that can provide “bespoke selecting an MGA was the training provided –
survey respondents said expertise is either product insurance”. A third broker raved of only 51% of brokers deemed training an impor-
important or very important when choosing their favourite MGA: “In a short space of time, tant factor when selecting an MGA, and no
an MGA. One broker told IBUK they look for they have established themselves and proven brokers mentioned training when asked why
“quality markets, long and stable relationships, to be very helpful on niche placements requiring they would recommend their top MGA.
4 www.insurancebusinessmag.com/uk
2021 MGAs
PERSONAL LINES PROFESSIONAL INDEMNITY
Capital Insurance Markets Angel Underwriting
DUAL Group Aqueous Underwriting Management
Ensurance DUAL Group
First Underwriting Euna
Footprint Glemham Underwriting
Kew Insurance Manchester Underwriting Management
Patrona Underwriting One Commercial Security
Policyfast Prosure Solutions
Prestige Underwriting Services Servca
Wrightway Underwriting
FLEET AND COMMERCIAL VEHICLES
COMMERCIAL GENERAL LIABILITY Blagrove
Compass
BUA Underwriting
DUAL Group
KennCo
Patrona Underwriting
Millstream Underwriting
Pen Underwriting
Policyfast
Policyfast
Provego
Trilogy
Wrightway Underwriting
Wrightway Underwriting
GENERAL LIABILITY CYBER
CFC Underwriting
DUAL Group
DUAL Group
iprism
Manchester Underwriting Management Ensurance
Policyfast Manchester Underwriting Management
Wrightway Underwriting
CONSTRUCTION
TERRORISM DUAL Group
Beech Underwriting Agencies Ensurance
DUAL Group Origin UW
Ensurance Thistle Underwriting
Omnyy
HIGH-NET-WORTH HOME/VEHICLE/
CONTRACTORS’ ALL RISKS YACHT
DUAL Group Azur
Ensurance DUAL Group
Euna Millstream Underwriting
Pen Underwriting YachtPod Risk Partners
www.insurancebusinessmag.com/uk 5
SPECIAL REPORT
5-STAR AWARDS 2021: MGAs
2021 MGAs
PROPERTY OWNERS
Gresham Underwriting
Modus Underwriting
Policyfast
R&Q MGA
PROPERTY
DUAL Group
iprism
Policyfast
PRESTIGE UNDERWRITING
UNOCCUPIED PROPERTY SERVICES
DUAL Group
Plum Underwriting Phone: 0800 0324 252
Policyfast Email: enquiries@prestigeunderwriting.co.uk
Website: prestigeunderwriting.co.uk
FINANCIAL LINES
A
lison Williams sums up Prestige Underwriting Services’
DUAL Group philosophy in one word: partnerships.
Manchester Underwriting Management “This is my 30th year of working in insurance, and it
is very much a relationship business – we need to have strong
Nexus Underwriting
partnerships with both our capacity providers and our brokers,”
says Williams, who has been with Prestige Underwriting since
ARCHITECTS, ENGINEERS AND 2014 and was made managing director in 2020. “We’ve got many
SURVEYORS longstanding relationships with brokers across our network.”
DUAL Group Since 1997, Prestige Underwriting has been highly trusted
across the UK and the Republic of Ireland for developing
Ensurance non-standard and niche insurance products, including
Manchester Underwriting Management non-standard home and motor insurance. Prestige Underwriting’s
team of 130 provide a broad spectrum of personal and commer-
PERSONALLY IDENTIFIABLE cial lines insurance products exclusively to a network of more
INFORMATION tha 1,300 brokers, allowing them to compete with direct under-
writers and other large insurers.
CFC Underwriting “We’re very fortunate that we’re one of the original MGAs and
DUAL Group one of the longest-standing,” Williams says. “That’s worked in
Manchester Underwriting Management our favour. We’ve got a long, proven history that we can share
with capacity partners.”
NON-STANDARD HOME/CAR Another key to Prestige Underwriting’s success has been
flexibility, Williams says. “We’re reactive. We’re agile. For these
NBS Underwriting
reasons, our clients like dealing with us – they like our philosophy,
Prestige Underwriting Services our ethos, our openness.”
6 www.insurancebusinessmag.com/uk2021
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