Insuramore: Global MGA, MGU and coverholder revenues rise to $29.25 billion in 2024

(The Insurer) - The MGA, MGU and coverholder group sector saw significant growth in 2024, with global revenue reaching $29.25 billion, according to an updated ranking and analysis by Insuramore.

The report noted that 70% to 75% of sector revenue came from direct commercial property and casualty insurance, with the remainder from direct private P&C, life and health insurance, and reinsurance.

The market’s 2024 value represents a compound annual growth rate of more than 20% since 2020, more than double the growth rate of the global insurance broking sector over the same period. Additionally, MGAs likely wrote more than $250 billion in premiums worldwide across all classes in 2024, the report found.

Insuramore identified Brown & Brown as the leading group in the sector for 2024, followed by Ryan Specialty Group, Amwins, CRC Group and Gallagher.

These top five groups accounted for approximately 17.6% of global MGA revenue.

The top 50, 100 and 500 groups captured respective shares of 55.5%, 68.2% and 91.3%, reflecting a fragmented yet dynamic industry landscape, the report stated.

About 3,000 enterprises are engaged in MGA activities worldwide, with more than 2,170 expected to write premiums exceeding $10 million in 2025. Ownership within the top 500 groups varied, with 77 broker-owned, 35 insurer-owned and 388 independent groups, many backed by private equity.

Munich Re led the insurer-owned MGAs in revenue generation, while NSM Insurance Group was the largest independent group. The U.S. hosted the most MGA groups with 267, followed by the UK, Canada, Australia and the Netherlands and Germany.

The analysis indicates almost all MGA groups had revenue increases in 2024, with 23 of the top 500 more than doubling their income from 2023.