The Lloyd’s Market Association (LMA) has partnered with the UK’s General Managing Agents’ Association (MGAA) to support the LMA’s delegated authorities communications framework, the pair have announced.
The framework is designed to improve the sharing of information and communications between MGAs and coverholders that underwrite on their behalf, and also third-party administrators that handle claims.
Commenting on the working relationship, 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.”
Globally, business underwritten via delegated authorities accounts for roughly a third of Lloyd’s gross premium income, a figure that appears to be increasing year-on-year.
Chief Executive Officer (CEO) of the LMA, David Gittings, 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.”