The MGA space accelerated its P&C market share in 2025 to approximately 7%, with the overall MGA market growing 19% to ~$94 billion—a modest deceleration from the 21% growth reported in 2024, according to analysts at BMO Capital Markets.
Analysts noted that the deceleration was more pronounced when excluding crop insurance, falling from a 22% increase in 2024 to 16% in 2025.
BMO estimates that $72 billion, or 76% of the ~$94 billion is likely not related to E&S, with the remaining ~24% potentially touching the E&S/wholesale marketplace. Analysts noted that E&S growth is not driving overall MGA growth, as the E&S portion of the MGA market share remained steady in 2025 compared with the previous year.
Analysts at BMO added that large brokers continue to ‘programmize’/MGA-U the P&C market and dis-intermediate carriers. The big three wholesales, including RYAN, AmWINS, and Brown&Brown, now account for ~7% of the MGA market, up from ~6% in 2024. These brokers grew their MGA offerings by nearly 50%, while MGA incubation platforms such as Accelerant are also leading the expansion.
“We view this trend toward MGAs that are owned by sophisticated brokers as having secular underpinnings, driven by entrepreneurial underwriting talent seeking to marry brokers, in order to earn more compensation than one can make (on average) at a more traditional insurance carrier or plain-vanilla broking arrangement,” said BMO analysts.
“Given MGAs/MGUs do much of the underwriting, they are able to charge carriers (or balance sheets which take on the risk) >15% higher fee-rates than a traditional arrangement, which in our view, dis-intermediates some of the insurance carriers’ economics longer-term. While the stock market is currently voting that insurance brokers have the potential to be negatively impacted via AI-led disintermediation one day, we point out that the reality on the ground is that insurance brokers continue to extract more value within the insurance value-chain.
“Even highly successful “older school” insurance carrier holdouts such as WRB who have been loathed to give away the underwriting pen now do hundreds of millions of dollars of biz with MGAs; with Kinsale being one of the only commercial-centric carriers under BMO coverage who does not give away its pen.”
