The MGA Revolution
A Strategic Study by Lexicon Associates
Managing General Agents and Managing General Underwriters are transforming the delivery of insurance, attracting talent, technology and capital from well beyond the confines of the traditional insurance market. The MGA Revolution, a strategic study by Lexicon Associates, analyzes the trends that are driving the sector’s growth - and the related risks and opportunities for industry stakeholders.
The MGA market is now a global laboratory for innovative capital structures, with MGAs and MGA platforms variously harnessing the support of reinsurance captives, rated and collateralized reinsurance companies, Lloyd’s syndicates, insurance companies, and reciprocal exchanges. With the support of both traditional and non-traditional capacity providers, premium transacted through MGAs in the US, the UK and Canada continues to grow strongly, buoyed by rate rises, new market entrants and new programs. In the US, our study focuses on non-affiliated MGAs (firms that are not owned and backed by the same insurance companies), a sector boosted by fronted reinsurance capacity.
MGAs are likewise developing rapidly in continental Europe, Latin America, the Middle East and Asia, and building on their already strong position in Australia and New Zealand. Capacity options in these markets are currently narrower than in the US, but are widening.
The MGA Revolution draws upon Lexicon’s proprietary database of more than 2000 MGAs writing business across four continents, supplemented by interviews with MGA founders, investors and carrier executives. The result is a rich analysis of the business transacted by MGAs and MGUs worldwide and the impact they are having in local markets.
For MGAs, carriers, investors and technology providers, The MGA Revolution offers insights into the risks and opportunities presented by a rapidly evolving and increasingly complex market environment.
The MGA Revolution
Managing General Agents are transforming the delivery of insurance around the world, attracting talent, technology and capital from well beyond the confines of the traditional insurance market. The MGA Revolution, a strategic study by Lexicon Associates, provides a comprehensive view of the solutions that MGAs are developing to meet the changing needs of insurance buyers.
Well established in the UK, the US, Canada, Australia and the Netherlands, MGAs are now rapidly developing elsewhere – including in Continental Europe, Latin America, the Middle East and Asia/Pacific. The MGA Revolution offers the first detailed analysis of the varied business models MGAs are adopting around the world.
The MGA Revolution surveys MGAs that collectively write more than $100 billion in annual premium across four continents. Many of these businesses are at the forefront of the insurance industry’s response to risks that will determine the reputation and relevance of insurance for decades to come – including cyber attacks and weather perils affected by climate change.
The MGA Revolution includes:
The first detailed account of MGA activity worldwide, including analysis of market growth drivers, talent flows and incentives, and investment opportunities.
Analysis of value creation strategies adopted by MGAs, including the recent evolution of platform models.
Detailed exploration of the varied capital structures that MGAs are adopting, and their relative strengths.
Growth projections for regional MGA markets, taking account of local market tailwinds and headwinds.
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