Conning, the investment management firm specialising in insurance and institutional investors, has estimated that total premiums for the US managing general agent (MGA) market reached approximately $128 billion in 2025.
According to Conning’s latest study, the US MGA market continued its strong expansion in 2025, reflecting more than favourable market conditions. The findings highlight the growing role of MGAs in providing specialised underwriting expertise, technology-enabled capabilities, and flexible access to insurance capacity.
Statutory filings reported $102.6 billion in MGA direct premium written, a 12% increase from 2024, while Conning’s broader estimate includes Lloyd’s business and other premium not fully captured in statutory reporting.
Growth in 2025 was supported by continued growth in the specialty and excess & surplus markets, increased adoption of AI and data-driven underwriting, and greater investment in technology-enabled efficiency and product innovation. Strong capacity support from fronting companies, insurers, reinsurers, and alternative capital providers also contributed, alongside sustained demand for specialised underwriting expertise and niche market solutions.
The study also highlighted the expanding role of fronting carriers, which generated an estimated $22.6 billion in gross premium.
Conning estimated that approximately 20% of total US 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 increased 12% in 2025, more than double the broader property-casualty market’s growth rate of approximately 5%.
Alan Dobbins, a Director of Insurance Research at Conning, said, “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.
“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.”
