In 2023, the Managed General Agent (MGA) and Managing General Underwriter (MGU) sector experienced significant growth, according to a recent analysis by Insuramore.


A breakdown of what this means for the insurance industry


Market overview

The combined revenues of MGAs, MGUs, and cover-holder groups reached approximately USD 23.9 billion in 2023. The majority of these earnings, between 70% and 75%, came from direct commercial property and casualty (P&C) insurance. The remainder was split among direct private P&C, life and health insurance, and reinsurance sectors.


Growth trends

The sector saw impressive annual growth of over 20% compared to 2022, outpacing the global insurance broking sector, which grew by around 11% during the same period.


Key players

Brown & Brown emerged as the leader in the global MGA market in 2023, with revenues approximately double those of the second-ranked Amwins. Following them were Ryan Specialty Group, TIH (recently divested by Truist), and Gallagher, making up the top five. These groups collectively accounted for about 17.6% of global MGA revenues.


Industry dynamics

Despite its growth, the MGA sector remains fragmented, with around 3,000 enterprises worldwide engaged in MGA activities. Over 1,650 of these are expected to write premiums exceeding USD 10 million in 2024, highlighting the diversity and competitiveness within the industry.


Ownership and location

Ownership of MGAs varies widely: 58 of the top 300 groups are broker-owned, 31 are insurer-owned, and 211 are independent, often backed by private equity firms. Geographically, the United States hosts the highest number of MGA groups, followed by the UK, Canada, the Netherlands, and Germany.


Challenges and opportunities

While many MGAs saw revenue increases in 2023, the sector faced challenges as well. Some newer MGAs ceased operations, particularly in competitive niches like cyber insurance and trendy sectors such as pet insurance. However, the demand for tailored insurance solutions supported by advanced technologies continues to drive optimism in the market.



The MGA and MGU sector in 2023 demonstrated robust growth and resilience amid challenges. With diverse players, dynamic market conditions, and evolving customer needs, the future of MGAs looks promising as they continue to innovate and adapt to changing landscapes in the insurance industry.


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Emma Cockings
Emma is a content editor for Claims Media. Emma is a experienced writer with a background in client-centric personal injury for a major firm. She has attended and reported on multiple brokerage events throughout her career.