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MGA Market Boom Fuels Channel Distribution Plans

New SMA Blog by Mark Breading, Partner, Strategy Meets Action

There is no arguing about the strength of the managing general agent (MGA) market in 2023. MGAs’ agility, innovation, and focus on specialty and complex lines have positioned them for continuous year-over-year growth. Conning reported the MGA market grew by 24% in 2022,[1] with associated premium volumes estimated to be more than $85 billion last year.

Much of MGAs’ success can be attributed to how versatile they can be. Over the last decade, ReSource Pro has identified and tracked well over 100 startup MGAs/MGUs deployed under various business models, including line- and segment-focused, digital platform, global specialty, and digital native MGAs. At the same time, incumbent MGAs are also leveraging advanced tech capabilities and new channel strategies to propel their growth in a market with increasing competition. The latter has become especially critical as MGAs have a broader role in the distribution landscape and seek to expand their market reach in an increasingly hardening market.

A new ReSource Pro research report examines the channel distribution plans of MGAs in 2023, including their current partnerships, how they expect distribution to change in the next few years, and their strategies to expand various channel partners over the next few years. Considering the many challenges in the market today, such as rapid technological advancements, evolving customer expectations, and a volatile economic environment, MGAs are exploring aggressive plans to grow certain distribution channels.

While MGAs continue to expand and add foundational channels, such as wholesalers and retail agents/brokers, there is an interesting shift in their approach to Insurtech. A third of MGAs are planning to add Insurtech partners over the next three years, and 40% expect to expand/grow their current partners in the space, such as distribution platforms or digital agencies. Affinity relationships and partnerships with other MGAs/MGUs are also likely to develop significantly among more than half of MGAs.

Regardless of the channel partner an MGA chooses, conducting thorough due diligence and ensuring strategic priorities align across parties is essential. Identifying partners that strengthen market position will be key to MGAs’ long-term success.

For more information on the channel strategies of MGAs and MGUs, including recommendations to enhance plans, read our recent research report, “Channel Strategies and Plans for MGAs: A View of MGAs’ Growing Footprint in 2023.” This report is part of ReSource Pro Consulting’s research series based on surveys and interviews of carriers, agencies, MGAs, and others in the distribution channel.

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About The Author

Mark Breading is known for his insights on the future of the insurance industry and innovative uses of technology. Mark consults with insurers and technology companies on forward-thinking strategies for success in the digital age. His inventive methodologies, fresh ideas, creative conceptualizations, and ability to incorporate InsurTech and transformational tech in business strategies are unparalleled. He also leads SMA’s research program, publishing 25-30 research reports per year and conducting various custom research projects for insurer and vendor clients. His thought leadership in the areas of InsurTech, transformational technologies, customer experience, and digital strategies has earned him a ranking of one of the “Top Global Influencers in InsurTech” by InsurTech News and Onalytica and a place in the ten finalists for the “Top Global IoT in Insurance Influencer Award.”

Before joining SMA in 2009, Mark spent 25 years with IBM in roles including the Global Insurance Strategist and Director of Global Financial Services Executive Conferences in addition to leadership roles in consulting and marketing. Mark co-developed IBM’s Account Based Marketing program and led the global project office to implement ABM across all industry verticals worldwide. Mark has held both technical and business roles in sales, consulting, marketing, and business strategy and has advised insurers around the world for almost 30 years.


1. U.S. MGA Market Grows Swiftly, Exceeds $85 Billion in Premium in 2022 (July 24, 2023).

About SMA, a ReSource Pro company

At Strategy Meets Action, our clients advance their strategic initiatives and accelerate their transformational journeys by leveraging our forward-thinking insights, deep vendor knowledge, and vast industry expertise. Strategy Meets Action is an advisory firm that works exclusively with insurers, MGAs, and vendors in the P&C market. For more information, visit

About ReSource Pro

ReSource Pro brings integrated operational solutions to insurance organizations to improve growth, profitability and insurance outcomes. Headquartered in New York, ReSource Pro’s global service centers address client operational needs around the clock. Recognized as an industry thought leader and listed as one of Inc. 5000 Fastest Growing Private Companies annually since 2009, the company is renowned for its focus on innovation, service excellence and trusted partnerships, and its unique productivity platform for insurance operations. More than 5,000 ReSource Pro employees provide dedicated support to hundreds of insurance organizations, consistently achieving a +97% client retention rate over a decade. For more information, visit

SOURCE: Strategy Meets Action (SMA)