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.
Exchange (sponsored by AIG Europe Ltd) gives members the chance to
network and explore business opportunities with Insurer, Broker and
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 email@example.com to register your interest.
Unicorn Underwriting Limited
Oracle Underwriting limited
Absolute Partnership Ltd
Moore Stephens LLP
Browne Jacobson LLP
Advent Insurance Management Limited
For those of you who missed our last compliance newsletter this can be viewed on our website, click here.
Our compliance consultant, CMS, has updated our regulatory calendar which can be accessed from our website.
Pool Re continue their market liaison and their website has up to date information on their activities. For full details click here
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 have recently issued a number of Market Bulletins which are
directed at MGAs and delegated authority. These can be accessed from here
The IUA regularly issues a newsletter regarding European issues. To read more click on the following link
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 firstname.lastname@example.org
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 email@example.com 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.
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
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
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.
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
If you’d like to support this important and potentially life-changing cause you can visit http://www.doitforcharity.com/mrhodes.