After another challenging year for the market, CEO Ian Lloyd was selected to reflect on the challenges and successes for MGAs in 2024, in Insurance Post’s annual ‘review of the year’.
While the market becomes increasingly competitive, Iprism and many other MGAs have still thrived and grown under this pressure. They have become more robust and resilient to the changing industry.
“It’s been pleasing to see the number of new MGAs come to the market this year, which are independently owned. As we know from our own experience, that independence enables greater agility when it comes to decision making and growing sustainably for the long term, not just a quick return for investors.”
The article discusses some of the highlights for MGAs in 2024, revealing that underwriters have felt increasingly recognised and appreciated as experts in their sectors.
Looking ahead to a market which is showing increasing signs of transition, Ian outlined what MGAs will need to do to ride out the changing market: “I can see some challenges when it comes to rating decisions with the amount of new capacity entering the market. Collectively, there’ll be a need for disciplined and long-term mindsets from the market. Those who do, and work with their brokers, will prosper in the long run.”
Despite these challenges, next year is set to be an exciting year for many in the market, and a significant year for the Iprism team. Ian continued: “2025 will be Iprism’s 20th anniversary year, so it’ll be important for us. We have exciting plans, so my wish would be that they work out as we hope - watch this space. I would also wish health and happiness to the iprism team of course.”
To read more insights into the shape of the MGA market in 2024, and what lies ahead in 2025, read the full article here (subscription required).
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