Association Executive Director Bernie Heinze said the AAMGA and Lloyd’s has been working hard to thrash out a new reporting system which would enable MGAs to reduce the amount of data they have to send multiple times to the market and its participants.

“We have been working very hard with Lloyd’s over the past year and our automation meeting we had Peter Montanaro Lloyd’s head if delegated aurhtoy6 and his team attend.

“We have achieved so much in recent months and I believe that by the end of the calendar year we will have a new set if standards which will enable the levels of information needed by Lloyd’s.”

Heinz added: "There have been two distinct aims in the process. Firstly from the MGAs’ point of view we wanted to see a simplification of the information needed by Lloyd’s and a reduction in the need to send it multiple times to different sources."

“Secondly from Lloyd’s point of view they require up to date information to enable them to know exactly what its potential exposure is to any given major loss.

On the face of it the two aims would be seen to been opposed but there has been a great deal of work to bring the two together and create a new system and standards which can meet the needs of both.”

“We have worked hard with Lloyd’s and Acord to work on a new reporting system and it will be a significant benefit.”

AAMGA figures show its membership place $2.9 billion of premium into the Lloyd’s market each year while Lloyd’s put the North American MGA market at $3.6 billion in premium income.