AXA Breakfast Briefing at Lloyd’s Navigating the Future in a Changing Market

In January 2026, the Managing General Agents’ Association hosted its breakfast briefing in association with AXA at the Old Library in the Lloyd’s Building, bringing together senior voices from across the MGA and carrier community to explore how the market is changing and what lies ahead.

The event was chaired by Mike Keating, CEO of the MGAA, and featured a panel spanning both insurer and MGA leadership. Speakers included Joel Markham, Director of Delegated Authority Partnerships at AXA Commercial; Jon Walker, CEO of AXA UK Commercial; Jaime Swindle, CEO of Geo Underwriting; and William Blumsom, Director at Lime Risk Agency.

Set against a backdrop of a softening market, the discussion recognised the pressure this places on margins and trading behaviour, while also highlighting the opportunities it creates for MGAs with deep expertise and clearly defined propositions. The panel agreed that while market cycles are nothing new, the current environment demands strong underwriting discipline, closer broker engagement and a renewed focus on fundamentals, with many MGAs returning to more hands-on trading and portfolio-level scrutiny.

The evolution of delegated authority arrangements was a central theme. The panel shared a positive outlook for continued growth in the DA sector, with MGAs increasingly expected to be recognised as underwriting specialists rather than simply distribution channels. With that evolution comes higher expectations around governance, data quality and operational maturity, as well as a need to demonstrate tangible value to capacity providers.

Strong, sustainable carrier MGA partnerships were repeatedly highlighted as critical. Speakers emphasised trust, longevity and open dialogue, particularly in softer conditions where short-term pressures can dominate. Treating MGAs as an extension of the insurer’s business, with shared responsibility for customer outcomes and regulatory standards, was seen as fundamental to navigating uncertainty.

Regulation and governance featured prominently throughout the discussion. The panel noted that compliance is most effective when embedded into everyday processes rather than applied retrospectively, and that technology and data can play a key role in reducing friction and supporting oversight, freeing underwriters to focus on judgment, relationships and customer needs.

The conversation also turned to leadership and talent, with an emphasis on developing true trading skills, retaining experience and creating cultures where people feel valued and supported. In an increasingly tech-enabled world, protecting human judgment while using technology to remove low-value tasks was seen as a key differentiator.

The briefing concluded with a clear reminder that, despite shifting market conditions, customers remain at the centre of everything. By working collaboratively across MGAs, insurers and brokers, and by keeping that focus front of mind, the market is better placed to navigate the challenges and opportunities of the cycle ahead.