Insuramore, a provider of market intelligence for the insurance industry, has released its latest findings on the size and structure of the global managing general agent (MGA), managing general underwriter (MGU), and coverholder market.
According to Insuramore’s research, total worldwide revenues earned by these groups reached an estimated USD 29.25 billion in 2024.
Insuramore’s updated rankings show that approximately 70% to 75% of this revenue was derived from direct commercial property and casualty (P&C) insurance.
The remaining portion came from direct private P&C, life and health insurance, and reinsurance activity.
Insuramore reports that this figure represents a compound annual growth rate (CAGR) of over 20% since 2020 (before adjusting for inflation), more than double the global growth rate of the insurance broking industry during the same period.
Based on this performance, Insuramore estimates that MGAs globally were responsible for over USD 250 billion in written premiums across all insurance classes in 2024.
Despite the large market size, Insuramore notes that the sector remains fragmented. The five leading groups—Brown & Brown, Ryan Specialty Group, Amwins, CRC Group, and Gallagher—collectively accounted for just 17.6% of global MGA revenues. According to Insuramore, the top 50 groups held 55.5% of the market, the top 100 controlled 68.2%, and the top 500 accounted for 91.3%.
Insuramore has identified approximately 3,000 MGA-related enterprises worldwide. Of these, more than 2,170 are projected to generate over USD 10 million in premiums in 2025. The analysis highlights the sector’s depth and broad distribution of market activity.
In terms of ownership structure, Insuramore classifies 77 of the top 500 MGA groups as broker-owned, 35 as insurer-owned, and 388 as independent—although many independents have backing from private equity firms.
Among insurer-owned entities, Insuramore ranks Munich Re as generating the highest revenues from proprietary MGA operations in 2024. NSM Insurance Group was the top-performing independent group, though Insuramore notes that the company has since rebranded as Ignyte Insurance following its January 2025 sale of US commercial P&C program operations to New Mountain Capital.
By geography, Insuramore reports that the US was home to the largest number of MGA groups in the top 500 during 2024, with 267 based there. The UK followed with 68, while Canada (32), Australia (21), Germany (18), and the Netherlands (18) rounded out the top countries by headquarters location.
According to Insuramore, nearly all of the top 500 MGA groups experienced revenue growth in 2024, with 23 of them more than doubling their income compared to the previous year. This was driven by both organic expansion and M&A activity.
In the first half of 2025 alone, 12 of the top 500 groups were undergoing acquisitions. Notable deals highlighted by Insuramore include Brown & Brown’s planned purchase of Accession Risk Management Group—expected to solidify its leadership position—and Ryan Specialty Group’s acquisitions of JM Wilson Corporation and Velocity Risk, which reinforce its standing as the second-largest player in the market.
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