Conning: U.S. MGA Premiums Climb 16% to $114 Billion in 2024

Market Expansion Continues; Migrating Underwriting Talent from Carriers and Brokers, AI Adoption, E&S Premium Among Leading Factors

HARTFORD, Conn., July 11, 2025 /PRNewswire/ -- In 2024, the U.S. Managing General Agent (MGA) market continued its robust expansion, with direct premiums written rising 16% year-over-year to an estimated $114.1 billion. This growth once again outpaced the broader property-casualty market.

According to Conning's latest strategic study, "Managing General Agents: Built for What's Next," the MGA sector benefited from a convergence of favorable market dynamics, including continued migration of underwriting talent from carriers and brokers to MGAs, increased adoption of AI and automation, and sustained premium flow into the E&S market. Confidence in technology investment is rising—only 25% of MGAs expressed concern about underinvestment, down from 34% five years ago.

Growth was supported by:

• Continued migration of experienced talent from traditional insurers to MGAs
• Rapid scaling of platform-based MGAs accelerating program launches
• Expanding adoption of AI and automation across operations
• Broad and resilient capacity support from reinsurers, traditional carriers, and fronting companies
• Lloyd's maintaining its role as a leading capacity provider

"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," said Lauryn Kothavale, a vice president for Insurance Research at Conning.

The study also highlights the growing role of fronting companies, which supported more than $18 billion in MGA premium in 2024, an increase of 26% over the prior year. Approximately 20% of total MGA premium is now backed by fronting carriers.

The study, "Managing General Agents: Built for What's Next," provides a comprehensive analysis of MGA market trends, premium flows, fronting company dynamics, and findings from Conning's 2025 proprietary survey of MGA executives and insurers.

For more information on "Managing General Agents: Built for What's Next," a key study for insurance industry executives, visit here or contact (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 the Generali Group.

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SOURCE Conning, Inc.