North America Programs

Sustainable, profitable growth will matter more for MGAs than premium volume alone as market conditions become more competitive, says Claudia Carnevale, Head of North America Programs at Munich Re Specialty.
The Managing General Agent (MGA) market has seen rapid growth over the past decade.
In the United States, MGA direct premiums hit $109bn in 2025, a 90% increase since 2020 amid five consecutive years of double-digit growth.
“The strongest MGAs will maintain underwriting discipline, reinforcing confidence in how they assess risk, price policies, and make decisions,” Carnevale says.
Another factor that Carnevale says will separate successful MGAs from the rest is a focus on long-term consistent portfolio performance, rather than short-term expansion.
“Deep specialization — and a clearly differentiated value proposition — will become an increasingly important competitive advantage,” she adds.
Advantage of specialization in a complex risk environment
One of the greatest advantages for MGAs and their carriers is specialization.
Specialization creates a defensible market position and meaningful barriers to entry. That kind of deep expertise enables more accurate risk assessment and stronger underwriting outcomes.
“MGAs that focus on a few areas exceptionally well deliver the kind of insights and solutions brokers and clients really value in complex risk environments. They often outperform those trying to serve every segment,” says Carnevale.
The value of good market insights
When pricing pressure intensifies, competitive markets often expose underlying strengths and weaknesses. They test underwriting fundamentals and can be a sharp differentiator to highlight which organizations have built sustainable businesses, and which have not.
“Disciplined MGAs understand where profitability begins and ends and are willing to walk away from underpriced business,” Carnevale says.
Strong market insights and specialized data can support better risk selection and more consistent underwriting decisions.
“MGAs continue to invest in robust technology to improve operational efficiencies and data analysis,” she adds.
The importance of data and analytics cannot be overstated. Carriers and reinsurers want timely, accurate and actionable portfolio data that supports informed decision-making. Carnevale highlights that transparency around performance, trends, and emerging issues is a key factor in building long-term trust.
“MGAs that use advanced analytics, and can clearly articulate portfolio performance and profitability, are often viewed as preferred partners,” says Carnevale. “It demonstrates that underwriting decisions are being made consistently and thoughtfully.”
The distinction between a strategic partner and a capacity provider
In insurance, the best partnerships are built around shared goals and transparency. For Carnevale, strategic partners must offer more than capital alone. The strongest relationships are built on the sharing of expertise, market insights, and a long-term commitment to shared success.
“As capacity becomes more selective, proven relationships become a meaningful competitive advantage,” she says.
“MGAs increasingly value carrier and reinsurance partners who don’t just deploy capacity, but actively help support growth, innovation and market expansion.”
Looking ahead three to five years
Choosing the right strategy will be crucial in maximizing capabilities for MGAs seeking sustainable growth over the next three to five years. Continued investment in data, analytics, and reporting capabilities will be essential.
“I expect the priorities for MGAs to be centered on expanding product innovation and adjacent offerings to create growth,” Carnevale added.
If Carnevale could offer MGA leaders one suggestion for navigating today’s market, what would it be?
“Be thoughtful stewards of capital. Invest in the expertise, data, and transparency that create lasting differentiation and scalability, and continue building strong, long-term strategic partnerships.”
Munich Re Specialty’s North America Programs is a trusted partner providing growth, rigorous underwriting, and financial strength that empower MGAs and digital innovators.
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