to our April 2015 newsletter. – We are always looking for constructive
comments and welcome Members suggested topics and ideas on how to
improve our newsletter. Please keep them coming.
~The Editorial Board~
MGAA 1 Day Conference - 1 July 2015
MGAA 1 Day Conference will be taking place on Wednesday 1 July 2015,
10am - 5pm at America Square Conference Centre. Details for the day can
be found on the MGAA Website and bookings can be made either online or by sending an e-mail to Teresa De Atouguia. Places are filling up fast so don't delay - book now!
BIBA - 13 and 14 May 2015
and visit us at our stand at D76. We will be joined on the stand by
Ascent Underwriting, inet3, Plum Underwriting Limited, Sutton Specialist
Risks Ltd, Thames Underwriting Limited and Vantage Underwriting
We look forward to seeing you there.
new MGAA Website was launched last month and we welcome your comments
and suggestions. We are building a search engine to allow members to
access documents more easily and Insurance Brokers to locate MGAs who
are able to underwrite their customers business. Our thanks go to
Stuart Bartram of Brandex for his assistance on this project.
FCA Business Plan Summary
Jonathan Houston of Grant Thornton has provided a one page summary of the FCA Business Plan. It is divided into 3 sections:
MGAA Learning & Development
MGAA are committed to developing future leaders within our profession
and, working with Lloyd’s, held our first learning and development
session where 24 of our leaders of tomorrow spent a day at Lloyd’s
understanding how they work, delegated authority, claims and emerging
risks. This was complimented by spending time on the “box” to better
understand the role of Lloyd's underwriters.
Members Training needs
Association’s Events & Training Committee [incorporated into the
Membership & Benefits Committee] are in the process of building a
bespoke MGA skills programme. To ensure that we can keep the costs to a
minimum it would assist us if you would provide details of your
requirements. These could be in relation to any insurance technical
matters as well as soft skills. We are planning to run these courses
nationally should there be sufficient demand.
To ensure that we
maintain the highest standard of training we are using the services of
an industry specialist associated with the CII. Please send your
comments and requirements to Peter Staddon.
We extend a warm welcome to the following new members.
MGAA General Meeting
On the 23rd
February 2015 the Association held it's General Meeting in the Old
Library, Lloyd’s. With over 40 members registered to attend our
Chairman, Reg Brown, outlined how the Association had developed and
grown in the past 12 months. Reg confirmed that the number of full
members had grown from 81 in February 2014 to 105 in February 2015. The
4 standing committees outlined their work during the preceding 12
months with an overview of plans for the next 12 months. The
Association was also pleased to announce that Bill O'Malley of Arch
Insurance Company Limited was elected as Director to represent Market
practitioner members. Members who were unable to attend the meeting can
listen to the podcast.
On the 23rd
March the MGAA Board were joined by Julian Enoizi CEO of Pool Re.
Julian explained to the board the current thinking behind Pool Re’s
changes and how they are working with the Insurance market to resolve
their reinsurance requirements.
Other issues were discussed and Julian was open with the comments in relation to the workings of Pool Re.
On the 9th March, MGA members Ptarmigan, in conjunction with Wildnet, held a briefing Funding the present without compromising the future, regarding the use of IT to facilitate the growth of their MGA business.
On the 25th March, members attended a market briefing at the offices of Clyde & Co law firm where Ivor Edwards presented on Regulatory & Corporate Issues - a legal update looking at the definition of a true MGA, conflicts of interest, ToBAs and regulatory creep.
Members can listen to the Podcasts which are available on the MGAA website. These podcasts are eligible towards your CPD requirement.
Insurance Bill – The countdown begins
of detailed consultations and Parliamentary scrutiny culminated in the
first change to the law relating to commercial insurance in more than a
century as the Insurance Bill received Royal Assent.
The Insurance Act
2015 is designed to change the law to reflect modern business
relationships and to rebalance rights and remedies when things go wrong.
It's provisions were developed by the Law Commission over several
years. The former Law commissioner, David Hertzell, explores this in
greater detail. BLM website.
Board legal advisor, David Coupe, has issued a short briefing regarding the Insurance Bill for your information.
All Party Parliamentary Group on General Insurance – Flood RE
On the 24th
March, Brendan McCafferty, CEO of Flood Re appeared in front of a
delegation of Parliamentarians to explain how the formation of Flood Re
was progressing and to outline how he was engaging with the industry.
Since this meeting
we have been in communication with Flood Re and they are looking at
holding some breakfast meetings to explain to the market what Flood Re
is and what it will mean for industry participants.
Re would like to invite MGAs who write home insurance business to these
events. Further details of the breakfast briefings and an opportunity to
register can be found here
Flood re will also
be running some technical workshops in April and May and are inviting
MGAA members to come along to those events. Further details can be obtained here.
Members will recall our work with the Insurance Charities and we are pleased to confirm that their latest newsletter is now available which features details of recent and upcoming events for Insurance Charities Awareness Week and our golf day.
The IUA have issued their February 2015 newsletter which looks at a number of influences which affect the London market.
Insurance Liaison Group (ILG)
MGAA have been invited to sit on the Treasury and HMRC liaison group
looking at all aspects of taxation which affect the insurance industry.
While some of the minutes are confidential to the group I would urge
members to advise us of any specific taxation issue you may have which
we could take to this forum.
have been very positive and the MGAA intends to have continued
representation at the Brokers Compliance Officers meetings in order to
develop a cohesive approach to tackling current compliance issues.
Two points for communication to our members arose at the most recent meeting. These are:
When requested by a broker, the Brokers Compliance Officers would like our members to always provide a completed W-Series form
If providing a
W-8IMY, the Brokers Compliance Officers would like the form to be
accompanied by a completed withholding statement and the requisite
W-Series forms from the parties listed on the withholding statement.
Further resources on FACTA can be found on the MGAA website.
Lutine Assurance Services
member Lutine Assurance Services, part of RDG, the UK subsidiary of
Ryan Specialty Group, is looking to double in size this year following a
period of retrenchment in 2014. According to new business director
Andy Coles, the business is now fully integrated into RDG and will take
advantage of RDG’s sales, renewals and service capabilities to rebuild
the business, which writes individual and group life and protection
primarily for SMEs. To read Andy’s comments click here.
MGAA – On the Road
Staddon, Managing Director, and Jane Comerford, General Manager, have
been speaking at a number of venues around the country.
This year we have spoken in Gloucester, Manchester, Exeter and Maidstone. Peter will be in Liverpool on the 9th June at the Racquet Club in Chapel Street. For further details or to join Peter and Jane please contact Peter Staddon.
For those of you who missed our March 2015 compliance newsletter it can be viewed here.
The latest regulatory calendar can be viewed here.
Welcome to the very first Insly newsletter!
The insurance industry is going through some exciting changes and there
are plenty of stories from innovators all over the world. Insly
thought it would be a good idea to share some of these with you as well
as keep you up to date on what´s happening with them.
If you would like to receive these newsletters, subscribe here.
Advent – Flood Excess cover
Paul Dunlop from member firm Advent has advised that they are able to assist with a Flood Excess policy. For further details contact Paul Dunlop.
MSL Legal Expenses
Welcome to this month's newsletter.
As well as a feature on the recent increase in court fees, we've also
included a review of the Hyundai i20 and there's a chance to find out
more about the MSL team too.
of our regional members have expressed a wish to undertake a tour of
Lloyd's. Dates are still to be confirmed but if you are interested
in attending contact Teresa De Atouguia.
Welcome to the first edition of our newly branded OS News Update for Financial Services!
As you'll see, we've gone through quite a few changes lately; not least our brand refresh complete with logo.
The OS News Update
will keep you up to date with the latest industry news, OS events and
information about what's happening around the business, as well as
Have a look around, see what you think and please let us know if you have any feedback or ideas for future editions.
Gallagher Basset are supplier members who provide claims handling facility for MGA. To view their new brochure click here.
On Tuesday 17th
February Andrew Sewell, Claire Miles and Richard Codd hosted a client
webinar on the MOJ Portal reforms on UK Employers and Public Liability
claims, 18 months since the changes were enacted.
Key areas covered included:
Also various other hints, tips and comment. You can listen back to the session here.