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2022 brought with it a number of highlights after an unsettled few years. Richard was happy to see the return of a busy, buzzing office following the implementation of a flexible hybrid model for our people, never before has he been so happy to be told there are no meeting rooms available!
Another high point was the continued rise of the MGAs’ star in the market:
“An MGA’s ability to be nimble and quick to respond to the ever-changing risk landscape across so many spheres will ensure that MGAs continue to deliver huge value in the sector and lead in many classes of business that would otherwise be neglected due to insurer’s lack of appetite through low-risk knowledge and service ability.”
However, the were also disappointments, notably the growth of unrated underwriting capacity in the market, this is an issue that impacts the integrity of the whole market. Richard writes that in 2022 we unfortunately lost some long-standing partners to competitors using unrated capacity. Losing business to operations who promote, for example, ‘virtually no conduct requirements’ is hard to see.
Looking ahead to next year, Richard spoke of the work Arc Legal is doing to drive change in the ancillary market, with system automation and innovation at the heart of our projects for 2023.
It’s set to be another exciting year for Arc Legal and we’re looking forward to the new challenges and opportunities ahead!
To read Richard’s review of the year in full here (subscription required).
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