Representatives of the American Association of Managing General Agents (AAMGA) and Lloyd’s of London met recently to discuss the challenges and opportunities both organizations face. With so much business going on across country borders, insurance organizations must coordinate with each other to ensure smoother conduct.
In a video interview with ratings agency AM Best, Bernd Heinze, executive director of AAMGA, detailed a meeting with Lloyd’s executives Inga Beale and John Nelson on how MGAs from North America can work better with their counterparts and partners across the Atlantic. Twenty per cent of AAMGA members are based in London.
One standout issue is the cost of wire transfers between the two regions. A wire transfer within the US costs only US$0.25 to 0.50, but costs US$45 from the US to the UK. Other opportunities they tackled were auditing, more multi-year contracts, and manuscript policies.
Heinze also shared the thrust of the upcoming AAMGA general meeting in May 2016, with the theme “Expanding globally, responding locally.” In a much more interconnected world, the AAMGA’s business opportunities have expanded outside of the traditional North American borders and capital is now coming into the market from all over the world.
To facilitate easier business across territories, the AAMGA has partnered with the Underwriting Agencies Council of Australia and New Zealand, the Managing General Agent’s Association of the UK, and Lloyd’s Market Association. Under this umbrella group, each organization is able to share business opportunities and discuss ideas more freely.
