"Guernsey clearly gets what MGAs are all about"

It gets a visit from trade body amid sector push

"Guernsey clearly gets what MGAs are all about"

Insurance News

By Terry Gangcuangco

British Crown dependency Guernsey has its eyes set on developing its managing general agents sector, and the Managing General Agents’ Association (MGAA) has offered its impressions.

Paying a visit to the island were MGAA managing director Peter Staddon and founder David Coupe to meet with the MGA steering group formed from the Guernsey International Insurance Association. According to the MGAA, both Staddon and Coupe were impressed by Guernsey’s insurance infrastructure.

“Guernsey has a specialist insurance sector offering captive insurance, reinsurance, insurance-linked securities, and longevity risk transfer – and the opportunities for managing general agents,” noted the association, which represents and supports three-quarters of the MGA market in the UK.

Cited as among the key factors in Guernsey’s MGA push are the use of technology on the island, access to alternative capital markets, and its attitude towards regulation.

“I liked the approach we heard about and the ambition Guernsey is showing in this space,” commented Staddon. “Guernsey clearly gets what MGAs are all about.”

Dominic Wheatley, chief executive of the promotional agency for the finance industry in Guernsey, believes they have everything MGAs need and sees these intermediaries as a natural fit for the island. 

“It was timely to welcome the MGA’s Association to Guernsey as we look to develop our already-significant international insurance offering,” said the Guernsey Finance CEO.

He added: “Entrepreneurial underwriters with capital lined up and a market position to leverage can come to Guernsey and find a high-quality insurance environment ideally placed to help develop an MGA, combined with a welcoming community and great quality of life.”

 

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