A specialist trade body representing UK underwriters will launch next month, with up to 200 managing agents approached for inaugural membership.

The Managing General Agents Association (MGAA) says it wants to clearly delineate itself from insurance brokers, despite the two professions being treated as essentially the same under current regulation.

Steering committee chairman Reg Brown says managing general agents in the UK underwrite £5 billion ($8.08 billion) in annual premiums, and the MGAA’s creation marks their recognition as the “third force” in insurance.

Outside of the UK, managing general agents are represented by the American Association of Managing General Agents in the US, and the Underwriting Agencies Council (UAC) in Australia.

The MGAA will officially launch at the Lloyd’s building in London on November 23.