OAC, an actuarial and compliance consultancy services firm, has joined the Managing General Agents’ Association (MGAA).
The firm is part of the Broadstone Group following its acquisition in April 2023. It offers a range of services to MGAs ranging from actuarial services such as pricing, portfolio analysis, modelling and optimisation to compliance services.
It also provides data analytics, data quality and calculation and modelling services with Actuarial assurance as an added benefit.
The OAC team provides outsourced services for insurers and MGAs who require scalability without the cost of internally hiring resources, working in either a fully outsourced or hybrid (in-house/outsourced) approach.
Graeme Charters, Head of Non-Life Consulting at OAC, commented: “Becoming a member will allow us to connect with MGAs and support them with their actuarial needs through our high-quality offering. We look forward to our collaboration with the MGAA and the opportunities it will bring.”
OAC is joining MGAA at a time when MGAs are experiencing rapid growth in the insurance market.
According to the announcement, the association’s continued expansion underscores the strength and ongoing growth of the MGA market in the UK.
The MGAA represents its membership in negotiations with government and regulatory bodies whose rulings affect the sector.
It currently has over 200 Managing General Agent (MGA) members, and comprises 56 market practitioners and 122 suppliers.
Since its inception in 2011, the association has grown to encompass a membership that collectively controls over £7.3 billion of gross written premium.
Michael Keating, CEO at the MGAA, said: “The MGA sector is increasingly important within the wider insurance world. Adding top-quality service providers to our membership continues our mission driving innovation and high standards within the sector by creating a body that enhances the sustainability, effectivity and authority of our MGA members.”
The MGAA aims to maintain professional standards with best practice guidelines drawn from a network of the profession’s experts and leaders and assists insurance carriers that support MGAs to maintain the security of their binding authority arrangements.
It also runs regular events where brokers, insurers, suppliers and MGAs come together to find new ways to collaborate as well as providing opportunities for learning and development through educational events and their online platform built alongside the Chartered Insurance Institute: MGA Assess.
