After 16 years at Allianz, Simon Parrish made the jump into the managing general agent (MGA) world, a move he admits changed how he sees the industry. Now chief underwriting officer at Victor UK, Parrish said the MGA model offers something different for underwriters: more speed, more autonomy, and more pressure.
But this shift isn't just internal. For brokers, it could mean a faster route to “yes,” more nimble product design, and closer relationships with decision-makers.
Parrish came into the role expecting three things: a faster pace, greater innovation, and a more complex stakeholder environment. “Those have largely proved true,” he said.
Without the benefit of a major brand opening doors, MGAs often have to be sharper about what they bring to market. “There’s a constant challenge to innovate and finesse and clearly answer why,” he said.
That pressure to differentiate translates into clearer propositions for brokers and clients. “We can be more fleet of foot when facts change on the ground,” Parrish said. “So, if a broker comes to us with a new opportunity or a niche client need, we can mobilise and respond faster than a traditional insurer might.”
He also pointed out that MGAs typically have flatter governance structures, which speeds up decision-making. “There are less layers than there are in large multinational insurance companies,” he said.
The independence and pace of MGA life may appeal to underwriters, but they also raise the stakes. “You really do live or die by your underwriting results,” Parrish said. “It can be a more exposed environment than working within a large insurer.”
This high level of accountability may push underwriters to be more responsive and considered - something brokers can benefit from directly.
“It might be slightly controversial, but within a big insurer, it can be an easy option to say no sometimes,” he said. “But finding sustainably priced solutions for novel risks is the creative part of an underwriter’s role. MGAs are absolutely here to do just that.”
Parrish also believes MGAs are better positioned to serve niche client segments. “Traditional insurers may struggle to compete with the level of customisation MGAs can bring,” he said. “The size of the prize may be too small, or the reinsurance program might not support it. But at an MGA, you can build the whole proposition around that client need.”
Despite the flexibility and autonomy MGAs can offer, they still face challenges attracting underwriting talent. Parrish believes part of the issue lies in perception. “It’s not maybe the obvious choice,” he said. “It’s important for us as an MGA market community to keep working to raise the profile.”
He also acknowledges that the MGA route may not be for everyone. “If you’re an ambitious, solution-oriented underwriter… then it’s an incredibly rewarding career choice,” he said. “But it does come with more personal exposure.”
That exposure, however, can result in stronger service and closer engagement with brokers. “You see a lot more of the market when you’re facing off to multiple capacity providers,” Parrish said. “You start to understand the nuances in appetite and approach that can shape better decisions.”
While MGAs are often viewed as a better fit for experienced underwriters, Parrish sees strong potential for early-career professionals. “There’s a huge amount of innovation,” he said. “It’s a great chance for a junior underwriter to get on the ground floor and learn in that environment.”
Victor UK has invested in apprenticeship and training programmes, but Parrish believes the bigger challenge is at an industry level. “We need to talk more about how we enable people and businesses,” he said. “Not just the contracts or terms and conditions.”
The Chartered Insurance Institute estimates that approximately 25% of the UK insurance workforce is expected to retire within the next 10 years. With retirement rates rising, the need to make insurance and MGA careers more visible is growing.
“It’s a fast-paced environment. Nothing comes for free,” said Parrish. “But there’s a significant opportunity out there - and it’s hugely rewarding for those who do take the leap.”
