MGAs have emerged as one of the most dynamic areas of the P&C insurance market. In 2024, the MGA market premium reached nearly USD100 billion (including those not reported under National Association of Insurance Commissioners (NAIC) Note 19), accounting for almost 10% of the U.S. sector. While premium growth slowed from the +50% seen in 2021-2022, it remained strong at +26%, signaling a shift from early expansion to a more mature phase of development.
The core hybrid fronting composite grew from USD10 billion in 2022 to USD17.6 billion in 2024, a 70% increase. State National led the market with USD4 billion of Gross Written Premium (GWP), while Transverse was the fastest-growing fronting carrier in 2024. Reinsurance and third-party capital remain critical to supporting MGA growth, with many carriers expanding use of captives, ILS, and corporate quota shares.
Meanwhile, certain casualty lines, especially commercial auto, have experienced adverse loss development, with some accident years exceeding 160% gross loss ratios. Despite these pressures, carriers increased surplus by USD1.1 billion in 2024, supported by improved reinsurance market conditions and primary rate hardening.
In this report, we review:
- Growth trends across MGA and hybrid fronting carriers
- Reinsurance structures and shifting counterparties
- Line-of-business performance and long-tail risk trends
- The growing role of MGAs in attracting underwriting talent and capital
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