27 April 2017
LMA and MGAA enter reciprocal arrangement to support delegated authority sector
London, United Kingdom – 27 April 2017 - The Lloyd’s Market Association (LMA) and the UK’s Managing General Agents’ Association (MGAA) have formalised a reciprocal working relationship as part of the LMA’s delegated authorities communications framework. The aim of the framework is to improve information sharing and communications between managing agents and both coverholders underwriting on their behalf and third party administrators handling their claims.
On a global basis, business written through delegated authorities currently accounts for around a third of Lloyd’s gross premium income and this figure is growing year-on-year.
Peter Staddon, MGAA managing director, said: “The Association is committed to supporting a thriving managing general agents’ sector. By working more closely with the LMA we are able to improve coverholders’ access to the Lloyd’s market and to reduce unnecessary duplication of effort and cost for both coverholders and managing agents.”
David Gittings, CEO of the LMA said: “A closer relationship with the MGAA is an important part of our wider strategy to create more effective communication channels with a variety of stakeholders involved in coverholder operations. This should enable us to keep all of those stakeholders informed and for them to share issues with us, making the Lloyd’s market a more attractive place for delegated authority business.”.
- ENDS -
Notes to Editors
For further information please contact:
James Milne, Communications Manager
Lloyd’s Market Association
T 0207 327 8405
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £30billion per annum.
For more information visit: www.lmalloyds.com.