fractal logoWhat is a Managing General Agent?

A Managing General Agent or MGA is a specialised type of insurance business that has been granted underwriting authority on behalf of an insurance company. 

An MGA’s functions can include underwriting those risks falling within their area of expertise and appetite (e.g. professional indemnity), binding cover and issuing documents, settling claims, developing specialist websites and/or appointing a network of brokers to supply new enquiries.

At its core, an MGA manages all or part of the insurance business of an insurance company taking a share of each premium transacted to pay for their specialist service and any additional costs, including broker commission.

There are more than 300 MGAs currently active in the UK insurance market. They underwrite combined premium income exceeding £ 5 billion, which represents around 10% of the general insurance market.

For more information or a discussion with one of our experts, please call 0345 251 4000.