The Managing General Agents’ Association (MGAA) and the Association of British Insurers (ABI) have taken a significant step towards greater industry collaboration by signing a Memorandum of Understanding (MoU). This agreement underscores their joint commitment to fostering mutual understanding, enhancing cooperation, and driving progress in key areas of the insurance sector.

The new MoU establishes a framework for collaboration in three strategic areas:

1. Information exchange – MGAA and ABI will work together to promote mutual understanding by exchanging insights on key industry issues, including retail and commercial insurance, regulation, operational resilience, and technological advancements.
2. Coordination of views – The two organisations will coordinate views and approaches on key issues driven by governmental and regulatory bodies, where possible and within relevant and significant areas.
3. Joint Events, Learning, and Research – The agreement paves the way for collaborative learning opportunities, networking events, and potential joint research initiatives that will benefit stakeholders across the industry.

Michael Keating, CEO of the MGAA, said: “We are delighted to announce our partnership with the ABI as the agreement further solidifies our working relationship and helps foster coordination on issues that impact our members and the insurance markets. With our members having extensive partnerships with ABI members, together, we aim to create greater awareness of core priorities and knowledge sharing for insurance firms and their customers. Working together puts us in a key position to support the significant growth we are seeing in the MGA sector with tech-driven start-up MGAs, whilst also tackling ongoing obstacles for our members such as capacity constraints, regulation and a challenging rating environment.”

Hannah Gurga, Director General of the ABI, commented: “Signing the MoU with the MGAA is another step towards fostering closer collaboration and a stronger working relationship on key issues for the benefit of both our members. We’re looking forward to working with the MGAA and its members more closely to further promote mutual understanding, share knowledge and align on views for the benefit of the wider industry.”