MGAs, Market Cycles and Lloyd’s: A View from Market Performance
19th January 2026
In this episode of MGAA Conversations, MGAA CEO Mike Keating is joined by Rachel Turk, Chief of Market Performance at Lloyd’s of London, for an insightful discussion on the evolving Lloyd’s market and its growing appeal to MGAs and cover holders.
Together, Mike and Rachel explore:
- Why Lloyd’s has become increasingly attractive to MGAs
- How efficiency improvements are narrowing the gap with the company market
- Delegated authority as a key growth engine
- Market cycle expectations and portfolio solutions
- Claims inflation and its impact on profitability
- Regulatory reform in the UK
- The realities of digital transformation and Blueprint Two
Rachel also shares candid insights on why claims are a strategic lever for profitability, why portfolio solutions represent a structural shift rather than a passing trend, and what success for Lloyd’s will look like by 2026.
Here are some insights from Rachel:
- “Cover holders are valuable because they provide unrivalled access to niche risks and distribution – our job at Lloyd’s is to get out of the way and make that as efficient as possible.”
- “The quality of underwriting in the MGA space is the highest I’ve ever seen it.”
- “Claims is the only area that can actually add margin back – everything else just slows erosion.”
- “Portfolio solutions are a structural change in the market, not a cyclical trend.”
- “I want Lloyd’s to be judged by what we’ve delivered, not what we’ve said.”
Resources
About The Guest
Rachel Turk is Chief of Market Performance at Lloyd’s of London, responsible for overseeing underwriting performance across the Lloyd’s market, including delegated authority, exposure management, reinsurance, and claims. Her remit focuses on protecting the strength of the Lloyd’s balance sheet, maintaining capital ratings, and ensuring sustainable performance across the insurance cycle. Rachel is widely recognised for her market insight, pragmatic approach to regulation and efficiency, and her strong advocacy for the strategic importance of claims and delegated authority within the global insurance ecosystem.