The top MGA in UKGI revealed

Volante International has been named the best managing general agent (MGA) in UKGI by Insurance DataLab.

The firm received a rating of 75% in the market intelligence firm’s 2024 MGA Performance Report, earning it a gold award for the third year in a row and the top spot for the second consecutive year.

The MGA’s rating was also 23 percentage points above the market average.

It is joined on this list of top performers by Euclid Transactional UK (72%), MPR Underwriting (71%), Castel Underwriting Agencies (68%) and Sutton Specialist Risks and Optio Underwriting, with both achieving a score of 66%.

Insurance DataLab co-founder Dan King said: “It is fantastic to see so many of our award winners performing highly in productivity, as well as the wider MGA market.”

Analysis

The report, which was published yesterday (10 July 2024), analysed the financial results of 41 MGAs across three pillars of performance – profitability, growth and productivity.

It found that overall performance across the included MGAs fell slightly to an average of 52.7% – down 0.8 percentage points on last year’s 53.5% rating.

However, this is still higher than both 2022 and 2021, when the average rating stood at 50.9% and 50.0% respectively.

This year’s average score was buoyed by an improvement in the productivity rating, which grew by 0.6 percentage points over the last 12 months to 55.4%.

“The average rating continues to improve, which is testament to a commitment to efficiency and continued investment in technology – an essential foundation for the modern MGA,” King said.

“High levels of productivity are essential for long-term success. We firmly believe that by focusing on further improvements in this area, the UK’s MGAs are setting themselves up for a bright future.”