14th October 2021 – The Managing General Agents’ Association (MGAA) has confirmed its first new member from the Republic of Ireland following an initiative to extend membership to the country. Specialist Irish liability and property MGA Blackrock Insurance Solutions has joined as a full member.
Blackrock is owned by insurance intermediary Specialist Risk Group (SRG) which acquired the business in May this year, adding it to its underwriting arm which includes specialist motor MGA, LIME, and UK businesses GB Underwriting, and CLS RS, subject to regulatory approval. Blackrock is based in Dublin and is a Coverholder at Lloyd’s.
Neil McSherry, Blackrock Managing Director commented: “We are delighted to be joining the MGAA and believe the Association’s presence in the market will boost representation of MGA interests in the Republic of Ireland. We are looking forward to networking with other members, including MGAs, suppliers and capacity providers and benefiting from the insights, knowledge and services the MGAA provides.”
Mike Keating, MGAA CEO commented: “I am delighted to welcome Blackrock as the first member of the MGAA in the Republic of Ireland. The Irish MGA market is ripe for growth as is evident from the recent spate of broker acquisitions in the country. It is also increasingly attractive to insurance capacity following moves to address historical personal injury claims inflation. As the Blackrock move underlines, the opportunities for MGAs are particularly strong in motor. There is also potential for MGAs in commercial and specialist lines.
“Our ultimate aim is to help the MGA sector in the ROI in its push for improved standards and regulatory recognition, whilst helping to facilitate and encourage collaboration and new capacity into the country. MGAs, insurers and suppliers based in the ROI – and our UK-wide membership – will also benefit from networking, events, educational forums, webinars, and regulatory support going forwards.”
The MGAA extended membership to MGAs, insurers, and suppliers based in the Republic of Ireland this summer, under a move designed to help MGAs in the country drive forward on standards, raise their profile with the regulator and attract new underwriting capacity. UK-based MGAA members are also able to expand their knowledge of and contacts within the ROI as part of the initiative.
The MGAA’s expansion into ROI, which was confirmed in July, was welcomed by the country’s professional insurance body, the Institute of Ireland, the insurer trade body, Insurance Ireland, and broker trade body, Brokers Ireland.