As the CEO of VIPR Solutions, Paul Templar is at the forefront of the delegated authority and program business sectors in the UK, Canada and United States, driving innovation and leading discussions on the future of the industry. In a recent interview with The Insurance Insider, Paul shared his expert insights into the dynamic growth of the MGA market and the shifting landscape of specialty insurance.
Listen to the full interview with Paul Templar and gain deeper insights into the delegated authority sector and the evolving MGA market.
Key takeaways from the interview
Global Growth of MGAs: Paul highlighted the impressive rise of MGAs, particularly in the US, where the number has skyrocketed from 146 in 2014 to nearly 900 in 2023. This growth, along with increasing reliance on specialised expertise and technology, is progressing the industry.
Delegated Authority's growing share: Delegated authority business now makes up 40% of volumes at Lloyd’s of London and 10% of the UK general insurance market. This demonstrates the increasing importance of delegated authority solutions and the technology driving them.
Importance of Fronting Carriers: The role of fronting companies has been crucial in supporting MGA growth, with $15 billion in premiums placed in 2023. This interconnected ecosystem of MGAs, insurers, and fronting companies continues to expand, making automation and data management even more vital.
As we move into 2025, Paul shared his outlook on the future of the industry.
Get in touch for more information on how Paul and the team at VIPR Solutions are helping carriers, brokers, MGAs, MGUs and Reinsurers in the global delegated insurance market.