Birketts EC3 Legal – Broker and MGA set-ups in the UK
- FOIL Ireland
- FOIL select
- London FOIL
Author - David Coupe
Every year, new brokers and managing general agents (MGA’s) are set all around the UK. Some are teams coming out of larger broking and underwriting agencies, and some are simply overseas interests who do not wish to wholesale their account through the larger brokers, but wish to own their own entity. These can include large corporates, risk retention groups, and even overseas insurers placing their reinsurance accounts.
Starting a broker or MGA is no different from any other business in the UK. The difficult parts relate to the regulatory aspects, and the conduct of insurance business in the UK.