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Gallagher Re sees 18% rise in ceded reinsurance premiums in 2025

The reinsurance broker estimates the US MGA market generated more than $125 billion in premium during 2025, up about 10% year over year.

Reported · Written up by our desk · Industry & Deals

Gallagher Re, the reinsurance broking and advisory business of Arthur J. Gallagher & Co., said premiums ceded into the reinsurance market by its carrier composite rose 18% year over year during 2025.

According to Gallagher Re’s 2026 MGA Market Report, demand for reinsurance capacity has continued as the US managing general agent, or MGA, sector expands, with the US MGA market generating more than $125 billion in premium in 2025, around 10% growth.

Gallagher Re said programme carrier composite gross written premium increased 14% to $33.1 billion. MGAs now represent approximately 12.5% of the US property and casualty insurance market, and Gallagher Re noted the scale among leading programme carriers, including State National and Transverse together accounting for 22% of the composite.

On performance, Gallagher Re reported that gross combined ratios for the programme carrier composite remained above 100%, while net combined ratios improved into the low 90s after accounting for fronting and other fee income between the first quarter of 2024 and the first quarter of 2026. The firm expects MGA premium growth to stay around 10% in 2026, which would add about $3 billion of premium to its programme carrier composite if economic conditions remain stable.

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