Guide to MGA set-ups in the UK
Legal Advisor to the MGAA Board David Coupe of EC3\Legal LLP has prepared this guide.
Every year, new managing general agents (MGAs) are set up all around the UK. Some are created by teams coming out of larger underwriting agencies, and some are simply overseas insurers who do not wish to wholesale their account through the larger UK MGAs, but wish to own their own entity. These can include large corporates, risk retention groups and even overseas insurers placing their reinsurance accounts.
Starting an MGA is no different from starting any other business in the UK. The difficult parts relate to the regulatory aspects, and the conduct of insurance business in the UK.
The guide on the link below has been produced for the MGAA as at July 2016 by EC3\Legal LLP
and is only an outline of some of the considerations that should be taken into account. You should seek your own advices in relation to the above. If you wish to contact to EC3\Legal, then please contact David Coupe on firstname.lastname@example.org