The MGA and program space continues to outperform the broader insurance sector, with Munich Re Specialty seeking its next chapter — ultimately defined by smart partnerships, multiline expertise, and operational discipline.

“MGA growth remains robust. In 2023, direct written premiums rose nearly 15%, and it’s not slowing,” said Claudia Carnevale, Munich Re Specialty’s President of North America Programs. “We’re seeing continued momentum across property, casualty, professional liability, and even insurtech.”

Disclosing more about the division’s go-forward strategy, Carnevale said the goal “is to do more with less — fewer but deeper partnerships aligned on expertise and data-driven scalability.”

According to SVP and Underwriting Manager Jerry Prendergast, the MGA model is evolving both technically and even demographically. 

“We’re seeing an aging founder class looking for succession options, coupled with new entrants backed by private equity and brokers,” he said. “MGAs are also investing in advanced modeling: cat, wildfire, and cyber — you name it.”

Prendergast also pointed to the growing maturity in how MGAs underwrite. “There’s a real shift from gut-feel decision-making to disciplined, technical underwriting. That makes collaboration with carriers like us more seamless and effective.”

That convergence of actuarial rigor and niche underwriting is redefining specialization across the board, said Terri Vicari, SVP and Underwriting Manager at Munich Re Specialty.

“Top MGAs are now playing a dual role: innovator and disciplined underwriter,” she explained. “They’re hiring talent with deep analytical and specialized risk skills, which is allowing them to price and manage hard-to-place risks more effectively.”

This evolution is also reshaping how MGAs assess and think about product development. Many of them are leaning into new lines like cyber, environmental, and parametric insurance — areas that demand a different underwriting toolkit,” Vicari added.

M&A activity is making a strong comeback, particularly among specialty MGAs. As Vicari noted: “It’s a growth lever. Lift-and-shift deals and talent acquisitions are happening to strengthen niche capabilities overnight.”

The firm anticipates an uptick in strategic consolidation fueled by capital partners seeking immediate market impact. “It’s not just about scale anymore,” Prendergast highlighted. “It’s about precision scaling — acquiring not just books but expertise and embedded distribution.”

As risks evolve, so do relationships. And “selection is our differentiator,” Carnevale emphasized. “We lean into our MGA platform by aligning internal underwriting muscle with market-facing distribution partners to build long-term, scalable solutions.”

She also noted that Munich Re Specialty’s program strategy includes a strong presence in Canada and opportunities within the insurtech corridor.

The MGA space, in short, is no longer niche but undoubtedly necessary. And for Munich Re Specialty, it’s a bullish bet well worth propping up.

This article was produced by Program Manager in collaboration with Munich Re Specialty.