Reinsurance capital remains a critical component supporting the growth and sustainability of the managing general agents (MGA) market. As MGAs continue to expand and attract talent and distribution, their reliance on carrier balance sheets and the reinsurance markets behind them has become increasingly important.
Gallagher Re's latest whitepaper builds on the recently published 2026 MGA Market Report taking a closer look at the reinsurance capital supporting the MGA ecosystem and the increasing flow of premium into the reinsurance market.
In 2025, the MGA market estimated premium exceeded USD125 billion, with USD21.2 billion ceded to the reinsurance market. This reflects continued growth in reinsurance utilization, reinforces strong investor interest in program business and underscores the growing focus on capital structure and efficiency.
At the same time, the composition of reinsurance capital is evolving. Traditional rated reinsurers remain central, but there has been a clear shift toward alternative and unrated providers, offering greater flexibility while introducing additional considerations around capital charges and long-term sustainability.
Our latest whitepaper provides deeper insight into these dynamics, including:
- Key reinsurance counterparties supporting MGA programs
- Premium flows and market concentration
- The growing role of alternative and unrated capital
- Reinsurance utilization across program carriers
- Capital dynamics shaping MGA market growth
View the Gallagher Re Program Solutions page to learn more about insurance, reinsurance and alternative distribution solutions for the agency sector by Gallagher Re.