Redefining the Rules of Partnership Between Carriers and MGAs

In the latest episode of MGAA Conversations, we are delighted to welcome Rob Gibbs, President and CEO of SiriusPoint International. Rob shares his insightful and optimistic views on the MGA market, highlighting its vibrancy and exciting potential for the future.

A New Approach to Carrier-MGA Partnerships

Rob explains SiriusPoint’s ambition to “redefine the rules of partnership” with MGAs. Rather than focusing solely on underwriting, SiriusPoint aims to build deeper, more collaborative relationships, offering tailored support and shared control. This innovative approach is already being put into practice through SiriusPoint’s newly established centres of excellence in the UK and Stockholm, which are designed to better serve international MGAs.

The Evolving MGA Landscape

Rob paints a positive picture of the MGA sector, attributing its success to advancements in technology and an influx of fresh talent and expertise. He notes the growing professionalism within the market, with MGAs now focusing on delivering value rather than chasing volume. As Rob says:

“I think we’ve got this unique mix of value proposition coming to the fore, talent joining the MGA market and [new] trends around investment, which means that I think the sector will continue to grow and continue to deliver.”

Tackling Regulation Through Technology

Although regulatory pressures remain a concern for some, Rob suggests that the pace of change is likely to ease. He emphasises the importance of MGAs adopting new technologies and data analysis to meet customer needs and comply with FCA requirements. With the FCA itself moving towards a more data-led approach, MGAs that embrace these tools will be well-positioned for success.

A Shift in Customer Priorities

Rob highlights a significant shift in customer behaviour within the international space:

“I think [MGAs now are] less about volume and more about value. A lot of the research that I’ve done says that customers in the international space are less focused on brand. They’re more focused on proposition and value of that proposition.”

By prioritising meaningful value, MGAs are cementing their role as a vital part of the insurance landscape.

Resources

Clyde & Co MGA Opinion Report 2023: Read the report

SiriusPoint International: Visit the website

About the Guest

Rob Gibbs is the President and CEO of SiriusPoint International, having joined the company in December 2022. With a wealth of experience in underwriting and management, including key roles at RSA, Rob is driving innovation and fostering growth in the MGA market.

Connect with Rob on LinkedIn.

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Catch this episode on Podbean, Apple, and Spotify Podcasts.

💻 How to Watch

Watch the full conversation on the MGAA YouTube channel.

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