2022 Managing General

Agents: Firing on All Cylinders

To Learn More & Purchase the Full Report please click here to visit our website.

In its ninth annual study on the property-casualty program business market,

Conning estimates that the total MGA market, including business written for
the account of Lloyd’s syndicates and non-U.S. insurance companies, exceeded
$70 billion in direct premiums written in 2021. As the threat to businesses from
Covid-19 waned in 2021, the powerful recovery of the U.S. economy boosted the
business of MGAs, continuing the market’s overall growth. This estimate of MGA
annual premium volume represents the most consistent and verifiable baseline for
program premium levels in this difficult-to-quantify market.

As in past MGA market studies, Conning completed a proprietary MGA market

survey, with 44 MGAs from a broad sample of firm sizes providing responses.
Survey respondents provided information regarding their premium growth trends
and characteristics of their firm. They also provided their views on various trends in the program market, including
their relationships with insurers.

The program market is a diverse mixture of property-casualty lines of business, industry sectors, and geographies.
Often at the forefront of product development, the underwriting expertise and entrepreneurial spirit of MGA
owners, underwriters, and program administrators continue to deliver above-market growth and innovation to
the insurance market. The MGA has become a relied-upon distribution channel for insurers of all types: large
nationals, reinsurers, fronting insurers, international markets, and smaller specialty insurers.

Readers can use this report to:

» Evaluate trends in the program market and among MGAs dating back to 2012

» View the list of 700+ MGAs identified by Conning, along with their ranking by direct premiums written

» Understand the players in the fast-growing fronting market

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Key research questions addressed in this report include:
» What is the size of the program market?

» Who are the MGAs writing the most premium, and what are their insurer relationships?

» What factors do MGAs look for when choosing an insurer partner?

» Which insurers write the highest percentage of premium from the MGA market?

Conning’s 2022 Study, Managing General Agents: Firing on All Cylinders, is available for
purchase here.
Interested in more of Conning’s Strategic Studies? Receive the 2022 MGA report, as well as
a year’s worth of Conning’s property-causalty Strategic Studies at a lower price per report
with the Strategic Study and Focus Series Subscription Package here.

Sample Content: Direct Written Premium Since 2012

MGA Direct Premiums Written by Type of MGA
Share of total premiums for all three categories

Prepared by Conning, Inc. Source: ©2022 S&P Capital IQ Pro, Conning’s proprietary MGA database

Key Implication
In 2021, affiliated MGAs controlled slightly more premium than nonaffiliated MGAs, despite there being a larger
number of nonaffiliated MGAs. This is because there is considerable concentration of at the largest affiliated MGAs,
with the 50 largest affiliated MGAs representing 89% of all affiliated MGA premium. The nonaffiliated MGA market,
by contrast, is highly dispersed. Within the appendix of this report, Conning provides a list of each affiliated and
nonaffiliated MGA in its proprietary database, along with their insurer relationships and where they rank in direct
premiums written.

Conning tracks within its proprietary database individuals MGAs and their ownership status. Throughout the report,
Conning presents data and analysis on affiliated and nonaffiliated premium separately. Chapter 5 of this Strategic
Study provides a detailed analysis of MGA premium statistics by affiliation status.

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 Table of Contents
1. Introduction
2. Executive Summary
3. MGAs at the Forefront of Product Innovation
4. 2021 MGA Market Landscape
5. Program Market Insurer Trends
6. MGA Premium Trends
7. Conning’s 2021 MGA and Program Market Survey
8. M&A in the Program Markets
9. The Fronting Model—Expanding & Evolving
Appendix
A. Methodology and Definition of MGA Premium Analysis
B. Overview of the MGA Market
C. Conning MGA Dataset
115 pages, 66 exhibits

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About Conning Insurance Research

For more than 50 years, Conning’s Insurance Research Group has been offering solutions that help management teams understand
and navigate a rapidly-changing insurance landscape. Conning’s well-respected research solutions result from deep industry
knowledge; ongoing surveys of industry executives; proprietary Conning data, forecasts, and models; and our in-depth reviews of
insurer performance.

Experienced Team How We Add Value

• Underwriting and
actuarial
• Insurance operations
• Primary & secondary
market research
• Capital markets
• Rating agency perspec-
tive
• Investment functions
• Efficiently support strate- • Identify growth opportu-
gic planning nities
• Generate competitive • Benchmark financial per-
insights formance
• Provide independent
and objective, unbiased
research

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

©2022 Conning, Inc. All rights reserved. The information herein is proprietary to Conning, and represents the opinion of Conning. No part of
the information above may be distributed, reproduced, transcribed, transmitted, stored in an electronic retrieval system or translated into
any language in any form by any means without the prior written permission of Conning. This publication is intended only to inform readers
about general developments of interest and does not constitute investment advice. The information contained herein is not guaranteed to
be complete or accurate and Conning cannot be held liable for any errors in or any reliance upon this information. Any opinions contained
herein are subject to change without notice.

Conning, Inc., Goodwin Capital Advisers, Inc., Conning Investment Products, Inc., a FINRA-registered broker-dealer, Conning Asset
Management Limited, Conning Asia Pacific Limited, Octagon Credit Advisors, LLC and Global Evolution Holding ApS and its group of
companies are all direct or indirect subsidiaries of Conning Holdings Limited (collectively “Conning”) which is one of the family of companies
owned by Cathay Financial Holding Co., Ltd., a Taiwan based company.

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