Wakam UK Highlights Evolving Market Dynamics as MGAs Prepare for the Next Wave of Growth

The UK delegated authority market is entering a period of change, driven by technology, actuarial insight and niche underwriting expertise. This has created an environment in which MGAs who own specialist or niche portfolios are better positioned to endure in softening market conditions.

At the same time, many MGAs have historically operated within a traditional capacity provider framework that is becoming increasingly challenging, slow and more difficult to manoeuvre. Our feedback tells us that MGAs struggle to “find a slot” for implementation with multiple layers of governance and decision-making often extending timelines by several months for approval and implementation.

Within this set of evolving market dynamics, and as part of its commitment to helping MGAs navigate this landscape, Wakam UK has set out its strategy for MGA distribution, while investing heavily in its UK presence to support MGA partnerships.

Why this matters to MGAs

Capacity providers are increasingly viewing delegated authority relationships as both long‑term and strategic partnerships rather than mere transactional arrangements. Within this environment, it is important for MGAs to use partners who can provide rapid feedback, transparent reporting and the flexibility to scale across market cycles.

Meanwhile, analysts forecast that MGAs with clear governance frameworks, strong portfolio analytics and real‑time reporting will attract the best capacity and investment. Many newer MGAs are embedding actuarial and data capability from day one to meet these expectations.

It is within this context that regulators are pushing evermore for both better oversight and transparency across underwriting, claims and risk management. Therefore, capacity relationships that offer MGAs with direct access to decision‑makers, clear compliance frameworks and robust governance should enable faster innovation for MGAs while staying within regulatory guidelines.

Wakam UK’s partnership approach

Marking its first year as a fully authorised UK insurer, Wakam UK Limited is moving beyond a traditional capacity provider role to act as a strategic partner for MGAs. Key MGA-focused elements of its approach include:

• Wakam collaborates with MGAs by providing access to sound underwriting principles, clear data and access to decision makers.
• Wakam UK is expanding its team, infrastructure and analytical capability. With increasing UK focused headcount and an investment in actuarial and governance support to directly help MGAs build data‑driven portfolios.
• Wakam UK has achieved a Net Promoter Score (NPS) of 60, reflecting positive feedback from its MGA partners on responsiveness and collaboration. Based on feedback from the MGA community, the company is emphasising open dialogue, regular portfolio reviews and joint product development to ensure long‑term portfolio health.

The insurer operates as a fully authorised UK carrier under FCA and PRA supervision and forms part of the wider Wakam European platform.

Mike Keating, CEO of the Managing General Agents’ Association (MGAA), said: “The delegated authority market continues to evolve as MGAs become increasingly specialised and data-driven. Strong, transparent partnerships between MGAs and their capacity providers are essential to supporting sustainable growth. It is encouraging to see insurers, such as Wakam, investing in the UK market and strengthening their commitment to working closely with MGA businesses.”

Jason Sparrow, Head of Partnerships at Wakam UK, added, “We see our role as enabling MGAs to seize opportunities quickly without compromising on control. The next wave of MGAs are embedding strong governance, actuarial insight and technology from day one. Our model removes unnecessary friction, provides direct access to underwriters and gives partners the data and flexibility they need to scale.”

Serge Corel, Head of Revenue at Wakam, commented: “Revenue growth for us is a consequence of doing the right things, selecting the right partners and giving them the access and agility they need to compete.

“We are investing significantly in our UK team and proposition because we believe the delegated authority market rewards those who take a long-term view, and our 20% growth target reflects that confidence.”