In an effort to help Irish insurers raise their profile and attract new underwriting capacity, The Managing General Agents’ Association (MGAA) has expanded its membership proposition into the Republic of Ireland.
The initiative, which was driven by chief executive Mike Keating, also aims to create an opportunity for UK-based MGAA members to expand their knowledge of and contacts within the ROI.
According to the group, the MGAA’s initiative has been welcomed by the ROI’s professional body, the Institute of Ireland, the insurer trade body, Insurance Ireland, and broker trade body, Brokers Ireland.
Mike Keating, CEO at MGAA, said: ”The Irish MGA market has been challenging in recent years due to a lack of underwriting capacity in the wake of personal injury claims inflation, broker consolidation and a restrictive regulatory environment under the Central Bank of Ireland in the wake of the 2008 financial crash.
“We believe that opening up our membership to MGAs in the ROI will help the MGA sector in its drive for improved standards and regulatory recognition, whilst helping to facilitate and encourage collaboration and new capacity into the country.”
He added: “The move will also enable MGAs, insurers and suppliers based in the ROI – and our UK-wide membership – to benefit from networking, events, educational forums, webinars, and regulatory support.”