Ian Cook, Managing Director of MX
In this new quarterly update series, I will reflect on the previous quarter, looking at recent MX performance and strategic direction. For the first instalment, I will focus on MX Commercial, which has maintained a consistent trajectory of success, marked by robust performance and steady growth across Q1. Our achievements and strategic initiatives have contributed to this, reflecting our commitment to excellence and responsiveness to market dynamics.
Business development and broker engagement
One of the driving forces behind MX Commercial's success is its concerted effort on business development and broker engagement. Our leadership team have been focussing on expanding our reach and strengthening relationships with brokers, resulting in heightened broker engagement, paving the way for sustained growth.
Regional expansion strategy
Building upon the success of MX Commercial, we're exploring opportunities to expand regionally rather than limiting ourselves to specific geographic areas. Our recent endeavours in Essex, Suffolk, Norfolk and Cambridgeshire have shown long-term positive results, indicating the feasibility of establishing a regional presence.
As part of Specialist Risk Group, we recognise the significant presence of Miles Smith’s broker partners in the Midlands and Northern regions. We are therefore seeking new talent in these areas through targeted recruitment efforts. By engaging with brokers who do not currently work with MX Commercial, we aim to broaden our network and enhance our market position.
Recipe for success
MX Commercial's success can be attributed to a combination of factors, including relevant products, competitive pricing, uncompromising quality and swift service delivery. We prioritise understanding the needs of brokers, ensuring that our offerings align seamlessly with their requirements. Unlike traditional insurers, MX Commercial offers a level of flexibility and responsiveness that resonates with brokers, positioning us as a preferred choice in the market.
Stable capacity
MX Commercial’s stable A-rated capacity* provides us with the necessary resources to continue to enhance our proposition and cater to a larger client base. We are committed to prioritising the needs of brokers, delivering exceptional value and continuously refining our approach to meet evolving market demands. Our capacity not only harbours our position in the market but also opens up avenues for further growth and innovation.
Recognition and leadership
I am also thrilled to announce that I have been appointed as a Board Member of the Managing General Agents' Association (MGAA). I look forward to contributing my leadership skills, extensive industry expertise and unwavering commitment to advancing our industry. I am proud to represent MX on the MGAA Board, further solidifying our standing within the insurance industry.
Enhanced communication and team ethic
A pivotal factor contributing to our success has been the emphasis on enhanced communication and encouraging a strong team ethic across MX Commercial. We have fostered a collaborative environment that extends not only within our organisation but also to our valued broker partners. Through proactive marketing efforts, active engagement on platforms like LinkedIn, and open communication channels, we have ensured that our broker partners are well-informed and supported in their interactions with us.
Focus on service and accessibility
Our commitment to exceptional service and accessibility has been a distinguishing feature of MX Commercial. Recognising the frustrations often experienced by brokers, particularly in the SME space, we have made concerted efforts to address these challenges. By being readily accessible, knowledgeable and responsive, we have positioned ourselves as a reliable and trusted partner, capable of delivering solutions where others may fall short.
“We have made much more effort in ensuring that our broker partners are kept abreast of our product offering, desire to work with them and that all individuals have everything they need in order to make their trading experience with us as smooth as possible.” – Michael Fragnito, Business Development Underwriter at MX Commercial
Future outlook for 2024
Looking ahead, MX Commercial is positioned for continued success and expansion. As we move into Q2, our intensions are to approach new and like-minded brokers who share our values on providing a valuable service to their clients. We remain committed to developing our industry and serving the evolving needs of brokers and clients alike. As we strive to become a regional MGA of prominence, we will leverage our recent achievements as a springboard for future endeavours.
In conclusion, MX Commercial’s performance over the last quarter has been nothing short of exceptional. With a focus on business development, regional expansion and unwavering commitment to excellence, MX Commercial is well-positioned for continued growth and success in the dynamic insurance landscape.
Find out more about our services or get in touch with a member of the MX Commercial team.
*A rating by AM Best, 2024
