Conning, an investment management firm specializing in insurance and institutional investors, expects the U.S. managing general agent (MGA) market to total approximately $128 billion in premiums written by 2025.
Conning’s latest research shows that the U.S. MGA market will continue to expand strongly into 2025, reflecting more than just favorable market conditions. The findings highlight the increasingly important role MGAs play in providing specialist underwriting expertise, technical support capabilities and flexible access to insurance.
MGA direct written premiums were $102.6 billion, up 12% from 2024, the statutory filing showed, while Corning’s broader estimate includes Lloyd’s business and other premiums not fully reflected in statutory reporting.
Growth in 2025 is driven by continued growth in specialty and residual markets, increased adoption of artificial intelligence and data-driven underwriting, and greater investment in technology-driven efficiencies and product innovation. Strong capacity support from leading companies, insurers, reinsurers and alternative capital providers also contributed, as did continued demand for specialist underwriting expertise and niche market solutions.
The study also highlights the expanding role of front-loaded carriers, which generate an estimated $22.6 billion in gross premiums.
Conning estimates that about 20% of total U.S. MGA premiums are supported through front-loaded carrier relationships, underscoring their importance in connecting MGAs with insurers, reinsurers and alternative sources of risk capital.
Conning’s analysis found that direct premiums for MGAs registered under Statutory Note 19 will grow by 12% by 2025, more than double the roughly 5% growth rate for the broader property casualty market.
Alan Dobbins, director of insurance research at Conning, said: “The continued expansion of the MGA market reflects more than just premium growth; it represents a meaningful evolution in how underwriting expertise, capital, technology and distribution are coming together across the entire insurance value chain.
“As insurers, reinsurers and capital providers seek greater specialization and flexibility, MGAs are increasingly acting as strategic partners to accelerate innovation and bring new insurance solutions to market.”
