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US MGA premium hits $102.6B in 2025, up 12% year over year
A Conning study estimates total premiums flowing through US MGAs at about $128B in 2025, expanding faster than the broader property-casualty market.
The US managing general agent, or MGA, market continued to expand in 2025, with Conning estimating total premium flowing through MGAs at approximately $128 billion, according to a new study cited by Insurance Business. Statutory filings put MGA direct premium written at $102.6 billion for the year, up 12% from 2024.
Conning said the broader estimate for 2025 is larger than what appears in regulatory filings alone, because it incorporates Lloyd's business and other premiums that may not be fully captured in statutory reporting. It also found that MGA growth has outpaced the wider property-casualty sector, with MGA direct premium written through statutory Note 19 filings rising 12% in 2025 versus roughly 5% growth for the broader market.
The study attributes the expansion to structural changes in how insurance value is produced and distributed, rather than just favorable underwriting conditions. It points to increasing modularity across underwriting expertise, distribution, data infrastructure, licensed paper, reinsurance, and risk capital, alongside specialization gains and technology investment.
Among the drivers cited are continued expansion of the specialty and excess and surplus, or E&S, markets, wider adoption of artificial intelligence and data-driven underwriting, and technology-enabled efficiency and product innovation. Conning also highlighted capacity support from fronting companies, insurers, reinsurers, and alternative capital providers, and it said fronting carriers generated an estimated $22.6 billion in gross...