JUNE 2016


Dear colleagues,

Welcome to the June 2016 edition of newsletter.

  

A very warm to our new Chairman James Gerry.

James was elected by the board of the MGAA in March 2016 and replaces Reg Brown who stepped down as chairman after 5 Years.  We are extremely grateful to Reg for his leadership during this time. 

James is Chairman of member firm GB Underwriting a provincial MGA operating from a base in North Essex.

James is a fierce advocate for the delegated authority sector and in his first address at our conference on the 6th July he will support this dynamic and energetic segment of the UK insurance market. 

MGAA 2016 annual conference
    

On the 6th July we are holding our 2nd annual conference "The Future Shape of Delegated Authority" at the Grange Tower Bridge Hotel, Prescot Street, London.  The agenda is available here and members are invited to join us for the panel debates and market briefings.

The Capacity Exchange (sponsored by AIG Europe Ltd) gives members the chance to network and explore business opportunities with Insurer, Broker and Supplier members.

Places are limited - book here for your place at our conference.

In April and May, the following events took place:

  • Market briefing on Driverless Cars, by Mills & Reeve

  • Meeting with the CII to discuss an educational program for MGAs

  • Meeting with Guy-Antoine de La Rochefoucauld, Lloyd’s country manager

  • Meeting with the CEO of Pool Re

  • Market Briefing on the Budget update by PKF Littlejohn

  • MGAA representation on the Panel for the FCAs “Live & Local” in Belfast

  • MGAA representation at the HMRC IPT/VAT liaison group

  • MGAA representation on the judging panel for the BIA awards

  • Market Briefing on Flood Surge by Cunningham Lindsey

  • Meeting with the LMA regarding the Insurance Act

  • Attended BIBA conference together with 6 MGA members – see below

  • MGAA IT and Compliance forums

  • Meeting with Nic de Maesschalck, Executive Director, BIPAR

  • Insurance Charities meeting

  • Attended Watford CII dinner in support of Amy Manning [Touchstone]– President

  • MGAA Finance forum breakfast briefing on VAT by Moore Stephens more here

  • Attended the IIL mentoring programme

  • Meeting with Mactavish in relation to the Insurance Act

  • Meeting with Peter Montanaro, Lloyd’s, regarding Lloyd’s bulletin Y 4991

 

MGAA goes to Manchester
  

On the 11th and 12th May the MGAA exhibited at the BIBA exhibition and conference in Manchester.  As last year, we were joined by 6 member firms for an intense two days of activity and business generation.

Due to the demand for spaces we are exploring the potential of a larger stand in 2017 and we would ask all interested MGAs to contact peter.staddon@mgaa.co.uk to register your interest.

NEW MEMBERS
We extend a warm welcome to the following new members.

MGAs
Unicorn Underwriting Limited
Pelican Underwriting
SUM Underwriting
MG Underwriting
Oracle Underwriting limited

 

SUPPLIERS
Absolute Partnership Ltd
Moore Stephens LLP
Gratex International
SchemeServe
Browne Jacobson LLP
Advent Insurance Management Limited

COMPLIANCE ROUNDUP
Compliance Newsletter

For those of you who missed our last compliance newsletter this can be viewed on our website, click here.

Regulatory Calendar
Our compliance consultant, CMS, has updated our regulatory calendar which can be accessed from our website.

MARKET INFORMATION
Pool Re
Pool Re continue their market liaison and their website has up to date information on their activities. For full details click here

Flood Re
Flood Re invite members to view their website to keep up to date with important changes and ceding arrangements. For full details click here

Financial Ombudsman Newsletter
The Ombudsman has issued their annual review newsletter for MGAs to view

Information Commissioner Newsletter
The Information Commissioner has issued their newsletter which can be downloaded here

Lloyd’s
Lloyd’s have recently issued a number of Market Bulletins which are directed at MGAs and delegated authority. These can be accessed from here

Risk today
The IUA regularly issues a newsletter regarding European issues. To read more click on the following link

Insurance Act
Following on from the highly successful market briefing BLM hosted a “shape & share” Insurance Act interactive discussion on Tuesday 14th June. Further details can be found on the podcast page here.

Lloyd’s Line Slip review

Lloyd’s Performance Management Directorate issued Market Bulletin Y4991 in April which outlined their expectations in relation to lineslips and delegated authority, including the view that Lloyd’s requirements presently mean that Coverholders should not be given authority to participate on lineslips as this would constitute sub-delegation for the purposes of the Intermediaries Byelaw.

 

The MGAA met with Peter Montanaro of Lloyd’s to express some members’ concerns, particularly in relation to 100% lines on bulking lineslips and subscription lines where the Coverholder still binds their own line.  Aside from the sub-delegation or binding issues, the Lloyd’s directorate were also concerned about potential breaches of their rules around market commissions and accountancy protocols.

 

The MGAA recommends that members using Lloyd’s capacity to write lineslips familiarise themselves with this bulletin and if they have any concerns then to email these to peter.staddon@mgaa.co.uk

MEMBERS FORUM

Insurance Charities
The Insurance Charities Awareness Week (ICAW) takes place from 20th - 24th June throughout the UK and Ireland.  The Charities will be sending out complimentary display box/floor stands to the insurance sector to spread awareness of their essential work by helping people who have worked in the insurance industry who now need help themselves.

To participate email Emma Bangar emma@theinsurancecharities.org.uk with your name and number of employees in your office so Emma can send you the appropriate box. 

London Phoenix Orchestra
As part of this year’s Insurance Charities Awareness Week the London Phoenix Orchestra are holding an orchestral event on Thursday 23rd June in support of the Insurance Charities.

The event will take place at Cadogan Hall in Chelsea, starting at 7.30pm. Tickets are available via Cadogan Hall website and are priced at £15 or £12 for concessions.  Further details can be found here

Lutine Ride4Life - Supporting Cancer Research UK
2016 Challenge – 1st July

Lutine is an MGA underwriting group life and other scheme related risks and have challenged themselves by cycling from their parent’s Yorkshire operations hub to their London Cornhill office - in a day.

Alongside partners Gavin Pumford from Ryan Direct Group and Damien Natale from cycling event organiser Allezsportives, they have set a target to reach Leadenhall Market for a social Friday afternoon drink in ‘the Lamb’. That’s starting very early in the morning….. and after some 180 miles on two wheels.

Members will be able to follow progress on social media throughout the day to witness the pain unfold.

For more information on the challenge visit www.lutineride4life.co.uk and make a donation for a cause that touches us all. 

Mark Rhodes Makes May Purple by Jumping Out of a Plane
When insurance software specialists SchemeServe announced they were supporting the Stroke Association’s ‘Make May Purple’ campaign, team member Mark Rhodes simply had to get involved.

And promptly hurled himself out of a perfectly good aeroplane.

Having seen both father and grandfather suffer from strokes, he’s witnessed first-hand the devastating effects on both victim and close family. 

“When SchemeServe announced they were supporting 'Make May Purple' I grabbed the opportunity to help raise money for a truly deserving cause that touches my heart,” Mark said.

 A tester with SchemeServe for the past three years, Mark took time away from the office, taking to the skies, in suitably purple attire, for an exhilarating tandem skydive; helping to raise funds in the Stroke Association’s continuing efforts to combat these cruel and debilitating attacks.

If you’d like to support this important and potentially life-changing cause you can visit http://www.doitforcharity.com/mrhodes.