MGA Premiums Surge to $114 Billion as Sector Grows 16 Percent in 2024

The US managing general agent (MGA) market expanded significantly in 2024, with direct premiums written reaching $114.1 billion—a 16 percent year-over-year increase that once again surpassed growth in the broader property-casualty insurance sector, according to Conning's latest study, Managing General Agents: Built for What's Next.

The report attributes this growth to several converging trends, including the ongoing shift of experienced underwriting professionals from traditional insurers and brokers into MGA platforms, a surge in artificial intelligence and automation adoption, and strong premium volume flowing into the excess and surplus (E&S) market.

Only 25 percent of MGAs expressed concern about underinvestment in technology, a decline from 34 percent 5 years ago, suggesting rising confidence in digital infrastructure. Conning also observed that many MGAs are scaling rapidly by leveraging platform-based models, enabling faster program development and deployment.

Lauryn Kothavale, vice president for insurance research at Conning, said, "Powered by talent, tech, and smart capital, MGAs continued to outpace the market in 2024—showing once again that agility wins in today's insurance landscape."

Reinsurance capacity also remained strong in 2024, with reinsurers, traditional insurers, and fronting companies providing broad support. Lloyd's continued its prominent role as a capacity provider.

The role of fronting companies in the MGA sector expanded further, supporting more than $18 billion in MGA premium—up 26 percent from the previous year. These entities now back approximately 20 percent of total MGA premium.