OAC joins Managing General Agents' Association
Actuarial consultancy OAC has joined the Managing General Agents’ Association, as it looks to support insurers and managing general agents who require outsourced talent to help scale their operations. The move comes after OAC was purchased by Broadstone earlier in 2023.
Founded in London, in 1994, OAC is a consulting firm specialising in delivering actuarial advice to its clients. The firm offers a range of services, such as pricing, portfolio analysis, modelling and optimisation to compliance services. It also provides data analytics, data quality and calculation and modelling services with actuarial assurance as an added benefit.
In April 2023, the firm was acquired by the Broadstone Group – a UK consultancy that specialises in advising employers and pension trustees to secure the prosperity of their employees and scheme members. As OAC looks to leverage the deal to grow its national profile, it has joined the Managing General Agents’ Association (MGAA).
Michael Keating, CEO at the MGAA, stated, “The managing general agents (MGA) sector is increasingly important within the wider insurance world. Adding top-quality service providers to our membership continues our mission driving innovation and high standards within the sector by creating a body that enhances the sustainability, effectivity and authority of our MGA members.”
Launched in 2011, the MGAA is a non-profit organisation which represents MGAs; lobbying on their behalf, communicating their considerable benefits and maintaining high standards within the industry. An MGA is an individual or business entity appointed by an underwriting insurer to solicit applications from agents for insurance contracts, and the MGAA now encompasses a membership that collectively controls over £7.3 billion of gross written premium.
Alongside its over 200 MGA members, the association comprises 56 market practitioners and 122 suppliers. As a member of the MGAA, OAC will provide outsourced services for insurers and MGAs, who require scalability without the cost of internally hiring resources, working in either a fully outsourced or hybrid approach.
OAC Head of Non-Life Consulting Graeme Charters commented, “We are delighted to be joining the MGAA at a time of rapid growth in this part of the insurance market. Becoming a member will allow us to connect with MGAs and support them with their actuarial needs through our high-quality offering. We look forward to our collaboration with the MGAA and the opportunities it will bring.”
