By: 14 January 2025
Brokers back AM Best assessments for MGAs, survey reveals

Survey reveals 81% of brokers back AM Best assessments to boost MGA transparency and credibility.

A recent survey found overwhelming broker support for managing general agents (MGAs) undergoing AM Best performance assessments

An AM Best rating is an independent evaluation of the financial strength, creditworthiness, and performance of insurance companies and related entities. While this is traditionally reserved for insurers, it can also include MGAs. 

The survey, conducted by Corin Underwriting, revealed that 81% of UK insurance brokers believe more MGAs should pursue these rigorous reviews, while 77% confirmed that an AM Best assessment would positively influence their decision to collaborate with an MGA.

The findings reveal a growing industry demand for transparency and credibility in MGA operations.  

Corin Underwriting is one such MGA which has embraced AM Best’s meticulous performance assessment process. Andy Hurrell, founder of Corin Underwriting, commented, “Brokers insist on working with rated carriers, so why would they settle for less when choosing an MGA?  

“We made the decision to undergo the AM Best performance assessment to demonstrate our alignment with the high standards of insurers. This recognition not only puts us on a level playing field with carriers but also sets us apart in the MGA market.”  

As brokers increasingly prioritise partnerships with MGAs who can demonstrate robust operational standards and transparency, we may yet see more in the MGA sector following suit.  

Image: © vicky_81 via Canva
Josie Geistfeld
Josie is an editor for Claims Media. She welcomes feedback, comments, and opinion at josie.geistfeld@barkerbrooks.co.uk