The Lloyd’s Market Association (LMA) and the UK’s Managing General Agents’ Association (MGAA) have entered into a reciprocal working relationship to support the delegated authority sector.
The deal is part of the LMA’s delegated authorities communications framework, which aims to improve information-sharing and communications between managing agents and both coverholders underwriting on their behalf and third party administrators handling their claims.
“This should enable us to keep all of those stakeholders informed and for them to share issues with us, making the Lloyd’s market a more attractive place for delegated authority business,” Gittings added.
According to the LMA, on a global basis, business written through delegated authorities currently accounts for around a third of Lloyd’s gross premium income and this figure is growing year-on-year.
“By working more closely with the LMA we are able to improve coverholders’ access to the Lloyd’s market and to reduce unnecessary duplication of effort and cost for both coverholders and managing agents,” said MGAA managing director Peter Staddon.
Related stories:
What is impacting MGA growth in the UK?
LMA adds senior execs to claims committee
