The survey behind this year’s report polled 1,300 UK-based brokers, who scored 43 MGAs on their service
The headline results of Insurance Times’ Five Star Rating Report: MGAs 2022/23 are available now, with seven MGAs receiving a coveted five star award from brokers.
This year’s results reveal that a total of 43 MGAs met the report’s threshold to be awarded a star rating by their UK-based broker partners.
This is the third year that Insurance Times has conducted its exclusive MGA survey, which informs its annual Five Star Rating Report: MGAs 2022/23 publication. The survey aims to investigate brokers’ opinions, attitudes and levels of satisfaction with the services they receive from their MGA partners. This year, 1,300 brokers participated in the MGA survey.
For the third consecutive year, Insurance Times has given MGAs a star rating out of five, linked to their performance. This provides a practical tool to help brokers assess MGAs, as well as assists MGAs to benchmark their own performance.
The MGAs that attained the maximum five star accolade from brokers this year are MPR Underwriting, Renovation Underwriting, KGM Underwriting, Lorega, First Underwriting, Prestige Underwriting and Nexus Underwriting.
Out of the remaining 36 MGAs, brokers awarded 19 MGAs with an overall four star rating, 11 MGAs received a three star score and six MGAs were awarded two stars by their broker partners.
The MGA survey was open to UK brokers throughout June and August 2022. Brokers across the UK were asked to identify and rate the MGAs with which they have regularly placed business during the past 12 months.
Click here to view the overall 2022/23 star ratings from Insurance Times’ MGA survey.
Click here to read more detailed analysis of the overall results.
The Five Star Rating Report: MGAs 2022/23 will be available to Insurance Times subscribers this November. The full report will provide further insights into the MGAs’ individual performance levels, as well as provide information around the products and services the 43 MGAs offer.
For MGAs wanting to receive advanced in-depth analysis from the report, the MGA Data Insight Book can be acquired by emailing Aisha Roberts at Aisha.roberts@insurancetimes.co.uk.
Insurance Times’ head of research Savan Shah said: ”MGAs play a pivotal part in the insurance market and have been even more integral over the last 12 months of business activity. Their services, products and support have been so essential to brokers over the last year - maybe more so than ever before.”
Shah added that the report will help brokers to justify their selection of MGAs to clients, allow MGAs to benchmark themselves on service and support MGAs to improve their overall proposition.
“Thank you to all the brokers across the nation that came forward to participate in the survey - your views and feedback will surely steer the MGA market through challenging times over the next year,” he continued.
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