MGA Growth Outpaces Broader Property-Casualty Market as AI, Specialty Expertise, Flexible Capital, and New Operating Models Reshape Insurance Distribution

HARTFORD, Conn., July 28, 2026 /PRNewswire/ — The U.S. managing general agent (MGA) market continued its strong expansion in 2025, with Conning estimating total premium reached approximately $128 billion. Statutory filings reported $102.6 billion in MGA direct premium written, up 12% from 2024, while Conning’s broader estimate incorporates Lloyd’s business and other premium not fully captured in statutory reporting. The findings underscore the growing role MGAs play in delivering specialized underwriting expertise, technology-enabled capabilities, and flexible access to insurance capacity.

According to Conning’s latest study, Managing General Agents: Reconfiguring the Insurance Value Chain?, the industry’s growth reflects more than favorable market conditions. The study explores how increasing specialization across underwriting, distribution, technology, and capital may reshape how insurance products are developed and brought to market.

As underwriting expertise, distribution, data infrastructure, licensed paper, reinsurance, and risk capital become increasingly modular, MGAs have the potential to serve a more central coordinating role within the evolving insurance ecosystem.

Growth in 2025 was supported by:

Continued expansion of specialty and excess & surplus (E&S) markets
Increased adoption of artificial intelligence and data-driven underwriting
Greater investment in technology-enabled efficiency and product innovation
Strong capacity support from fronting companies, insurers, reinsurers, and alternative capital providers
Ongoing demand for specialized underwriting expertise and niche market solutions

“The MGA market’s continued expansion reflects more than premium growth; it represents a meaningful evolution in how underwriting expertise, capital, technology, and distribution come together across the insurance value chain,” said Alan Dobbins, a Director of Insurance Research at Conning. “As insurers, reinsurers, and capital providers seek greater specialization and flexibility, MGAs are increasingly serving as strategic partners that accelerate innovation and bring new insurance solutions to market.”

The study also highlights the expanding role of fronting carriers, which generated an estimated $22.6 billion in gross premium during 2025. Conning estimates that approximately 20% of total U.S. MGA premium is supported through fronting carrier relationships, underscoring their importance in connecting MGAs with insurers, reinsurers, and alternative sources of risk capital.

Conning’s analysis found that reported MGA direct premium written through statutory Note 19 filings grew 12% in 2025, more than double the broader property-casualty market’s approximately 5% growth rate.

Beyond market sizing, the study examines how capital structures, fronting relationships, technology adoption, merger and acquisition activity, and emerging operating models are reshaping competition across the insurance value chain. It also includes findings from Conning’s proprietary 2026 survey of MGA executives and insurers.

For more information about Managing General Agents: Reconfiguring the Insurance Value Chain?, visit https://go.conning.com/2026-MGA-Report?utm_source=prnewswire&utm_medium=paid&utm_campaign=2026+MGA+Report&utm_content=Insurance+Research or contact Conning at (888) 707-1711.

ABOUT CONNING

Conning (www.conning.com) is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including insurers and pension plans, with investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe, and North America. Conning is part of Generali Investments.

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