In this episode, we are thrilled to be speaking with Mark McIlquham, President of Acrisure UK Retail. Mark gives a forensic insight into the infrastructure of the Acrisure Group, its global broking operations, and its role in the M&A insurance landscape. Having been involved in Acrisure’s recent acquisition and rebrand of the Eleven Network, Mark explains why networks provide a fantastic opportunity for brokers to receive regulatory support and greater access to new markets. He counters the notion that there are too many barriers for new small brokers to establish themselves, citing networks as an empowering means for brokers to take charge of their own businesses, and for the broader industry to regenerate itself. Mark is sceptical of the supposition that new compliance measures stifle brokers’ opportunities to innovate, and that these constraints can ultimately be beneficial, noting that ‘regulation isn’t a necessary evil, it’s just necessary’. Furthermore, Mark discusses the buoyancy of the MGA market, and the prospect that MGAs may eventually supersede mainstream insurers in servicing small brokers.

Quote:

“We think there's a really, really good opportunity for small brokers that are either part of our network or are just part of an Acrisure ecosystem that are not getting the service that they want from the compensate insurers, or haven't got agencies with the right insurers, to use our MGAs. Therefore, the vision that I've got is that we will have a, an ecosystem of high-quality brokers, some that we own, some that are a part of our network, and some that are third-party brokers, that have all got the opportunity to use our MGAs.”

“If someone is a member of a network, there's nothing stopping people being innovative. I look at some of the really innovative stuff our network members are doing. Obviously, we need to sign it off and understand it and approve it, etc. But that's the whole point of being in the network. We can help them with that, we can help them do it in a controlled way, we can help them with their markets, with their compliance, with their infrastructure. And obviously, the infrastructure is there for them to use and to tap into. I think, if people are and trying to [navigate regulation] on their own; one, I think they're mad, and two, I think that the burden of the cost would stifle innovation. But if you're in a network, I don't think it does.”

Resources:

MGAA - https://www.mgaa.co.uk/

Acrisure – https://www.acrisure.com/

Eleven Network – https://eleven-network.co.uk/homepage/

About the Guest:

Mark McIlquham is the President of Acrisure UK Retail. Acrisure is the sixth largest broker in the world, controlling $30bn USD of premium, with operations in 22 countries, and around 1000 acquisitions of brokers globally.

Mark’s LinkedIn Profile: https://www.linkedin.com/in/mark-mcilquham-46a6721/

About the Host:

Mike's extensive expertise in the insurance sector has allowed him to witness and adapt to the dynamic shifts within the industry. Throughout his 40 year career, he has navigated the traditional realms of insurers, brokers, and MGAs (Managing General Agents) across both Commercial and Personal Lines markets.

He has held Executive positions at AXA, Midas, UK General and most recently Insurtech start up Qlaims before becoming Chief Executive Officer at the MGAA in September 2020. 

Mike is excited about the new MGAA podcast series, which aims to showcase key figures in the UK insurance industry and beyond, providing insight into the challenges and opportunities that the MGA industry encounters.