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The analogy he often uses is that while a composite is like a very high-quality Lego set which comes with a certain set, shape and colour of bricks, an MGA is like having access to everybody’s sets of Lego bricks. With that comes the ability to establish creative solutions using different colours, structures and shapes, he said, and while these don’t come with an instruction manual, they do allow you to build a truly tailored solution. “And that is freeing but it is also challenging because it requires real consideration, every day, of the complexity of the value chain.”

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Traditionally, insurance has tended to be quite a backwards-looking industry, measuring previous activity to price for the future. For some perils, the past is not a bad proxy of the future, she said, but for others, the environment is changing, and the risks that customers face are changing with it. In emerging areas, underwriters need to be really focused on what’s happening in the external risk environment and to use those insights to develop new products and new mitigation solutions.

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Commitment to growth

Barton believes the decision to restructure represents a renewed growth focus: “Our strategy has always been focused on blended growth – a mix of organic and M&A, depending on market conditions and opportunity driven by legislation. For example, 2024 was a big M&A year given the changes to capital gains tax that prompted many proprietors to consider their options. We see the opportunity in 2025 to be biased towards organic growth and we are investing in our team with this restructure,” he said.

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Despite a decrease in the number of severe flaws, the total volume of vulnerabilities suggested ongoing pressure on IT resources and patching capabilities. The report recommended adopting a multi-layered defence strategy, combining access controls with real-time detection, to protect against identity-driven and zero-day attacks.

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Financial adviser charged over alleged fraud

In a separate enforcement action, the Financial Conduct Authority (FCA) has charged Lisa Campbell, the former director of an authorised financial advice firm, with multiple criminal offences, including fraud and misleading regulatory disclosures.

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“We had a solid start to the year with 9% revenue growth reflecting momentum across our business and the contribution from acquisitions,” said John Doyle, president and CEO of Marsh McLennan. “Marsh McLennan is a resilient business built to deliver across market cycles. Clients value our advice and solutions, particularly in uncertain times.” 

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Speaking to Insurance Business about the decision, Ken Norgrove (pictured), CEO of RSA Insurance Group, emphasised that it felt like the right moment. “The purpose of the organisation we define as helping people, businesses and society prosper in good times,” he said. “It’s what we do at the heart of our business. And because we have such alignment with Intact as well, from a values perspective, four years into the Intact integration, it just felt like the perfect timing to rebrand both RSA and NIG into Intact… leading with that service proposition and deep technical expertise.”

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For future steps, Barrett believes that claims coordination is an area of focus. “Especially in cyber, when several carriers are involved, there can be a multitude of lawyers, forensic accountants, and other vendors,” he said. “This can slow down claim settlements and add cost…having a coordinated claims voice from the outset, the process can be streamlined and the ultimate customer experience can be improved.”

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Established in 1974, MECO underwrites marine risks for a global client base, including operators in shipping, commodities trading, and logistics. The MGA reported US$63 million in gross written premiums for the 2024 financial year. Its offerings are delivered through three primary underwriting platforms – The Charterers P&I Club, Transmarine, and Aurora P&I – as well as True North, its in-house legal services affiliate.

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“That’s not something we can accept, forcing developers to find coverage elsewhere, often in a different market. We are seeing more engagement between lenders, insurance advisors, brokers, and developers to ensure that policies are bankable from the start. This needs to happen early in the process, ideally before construction insurance is finalised,” Luciano added.

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