The MGA and Program Sector Continues to Soar: Conning

The Managing General Agent and Program market is continuing its growth and is solidly entrenched as a key business model for property-casualty business, according to a new study by Conning.

Source: Conning | Published on July 1, 2019

AIG and Stone Point Capital

“The MGA market has nearly doubled since 2012 when Conning began tracking this sector,” said Jerry Theodorou, a Vice President, Insurance Research at Conning. “The MGA market continued expanding in 2018 and early 2019, driven by numerous factors including MGA startups, insurers’ quest for blocks of business, and investment from private equity and MGA incubator firms.”

The Conning study, “Managing General Agents: The Super Model of the Insurance Industry” presents the MGA marketplace dynamics, trends, players and outlook. Conning’s proprietary MGA database includes current and historical information on more than 600 MGAs and 275 insurer groups that actively use the MGA channel. Additionally, Conning’s 2019 proprietary survey of MGA executives provides context and insight into the challenges facing program business today.

“There have been new entrants utilizing the fronting model for MGA business,” said Steve Webersen, Head of Insurance Research at Conning. “We also observe transformer models developing that are incorporating ILS or special purpose vehicles within the fronting approach that will deliver even more growth to the sector.”

“Managing General Agents: The Super Model of the Insurance Industry” is available for purchase from Conning by calling (888) 707-1177 or by visiting

About Conning

Conning ( is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including pension plans, with investment solutions and asset management offerings, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.